X's head of product, Nikita Bier, hinted Tuesday that the social media platform may be developing a new product designed to revitalize the cryptocurrency industry following a difficult year for the sector.
"Crypto has had a rough year. Maybe we should launch something to fix it," Bier wrote in a post that garnered over 677,000 views within hours.
The comment arrives weeks before the scheduled April launch of X Money, Elon Musk's fiat-based payments application. The upcoming service will feature peer-to-peer transfers, bank deposits, a Visa debit card, and cashback rewards.
While X has not confirmed any crypto-specific features for the new app, the company has recently recruited prominent blockchain talent. Three weeks ago, X hired Benji Taylor, the former Chief Product Officer at Aave and Head of Design at Base.
Integrating blockchain rails
Industry observers are analyzing whether X Money will compete with existing crypto services or integrate blockchain infrastructure behind the scenes. The product's planned features, such as instant payments and yield on dollar balances, overlap significantly with current DeFi and stablecoin use cases.
Elon Musk previously confirmed that X Money will operate with a licensed subsidiary across more than 40 U.S. states. The platform is built in partnership with Visa to facilitate fiat transactions.
Despite the recent hiring of crypto-native leaders, the current public roadmap for X Money describes a strictly fiat-based service. The company has not explicitly ruled out the use of blockchain technology to power its payment rails.
