Elon Musk's social media platform X has appointed crypto-native product designer Benji Taylor as its new head of design, signaling a significant push into financial services with the upcoming launch of X Money.
Benji Taylor, who previously served as chief product officer at decentralized lending protocol Aave Labs and led design for Coinbase's Ethereum layer-2 network Base, announced the move on X on Wednesday. "Honoured to join X," Taylor stated, expressing his excitement about working with Elon Musk and X's head of product, Nikita Bier.
Taylor's crypto expertise is expected to play a crucial role in the development of X Money, an integrated payments and financial services layer set to introduce peer-to-peer payments, wallet services, and a debit card tied to user accounts. Bier emphasized the strategic importance of the hire, noting that Taylor is "on track to become one of the best designers in the world."
The appointment comes as X prepares for the public rollout of X Money next month. The platform aims to leverage Taylor's experience in self-custody wallets and decentralized finance (DeFi) to enhance its financial offerings. Prior to joining X, Taylor founded Los Feliz Engineering, a consumer software studio acquired by Aave Labs in 2023, and later led design for Coinbase's Base network.
At the time of writing, Bitcoin was trading at and Ethereum held steady at , reflecting a broader market downturn. The crypto community is closely watching X Money's rollout, anticipating potential integration with cryptocurrencies.
"Benji's track record in crypto and design makes him the perfect fit as we expand into financial services," said Bier.
The move underscores X's ambition to compete in the digital payments space, where platforms like PayPal and Square have already established a strong presence. With Taylor's expertise, X aims to differentiate itself by incorporating crypto-friendly features and a seamless user experience.
Market Implications: The integration of crypto features in X Money could attract a new wave of users and investors, potentially boosting the adoption of cryptocurrencies. Traders and investors should monitor X Money's rollout for any indications of crypto partnerships or new financial products.
What to Watch Next: As X Money prepares for its public launch, keep an eye on announcements regarding partnerships with crypto platforms and the introduction of new financial services. The success of this rollout could set a precedent for other social media giants exploring the integration of financial services.
