Elon Musk’s social media platform X has appointed Benji Taylor, a seasoned crypto expert, as its new head of design, signaling a strategic push into financial services with the upcoming launch of X Money. Taylor, who previously served as Chief Product Officer at Aave Labs and led design at Coinbase’s Base, brings extensive experience in self-custody wallets and decentralized finance, which could enhance X’s payment offerings.

The hiring comes as X prepares to introduce X Money, a service that will facilitate peer-to-peer payments, bank deposits, and a debit card with cashback rewards across the U.S. Set to launch in April, this initiative could reshape the competitive landscape for digital payments, especially as it aims to attract users with potential yields on balances, although no specific blockchain integration has been confirmed yet.

For market professionals, Taylor’s appointment underscores X’s commitment to integrating advanced financial features, which may impact stock performance for companies in the fintech and digital payments sectors as they respond to this evolving competitive environment.

Source: coindesk.com