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Elon Musk’s X hires crypto-savvy design lead as X Money payments push inches closer

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Elon Musk's X hires crypto-savvy design lead as X Money payments push inches closer

Elon Musk’s social media platform X has hired a new head of design with deep roots in crypto product development, as the platform continues to expand into payments and financial services.

Benji Taylor said in Wednesday post that he now leads design for X under its ties to xAI and SpaceX.

Taylor founded Los Feliz Engineering, the team behind self-custody crypto wallet Family. Aave Labs, the development firm behind $42 billion decentralized lender Aave, acquired the company in 2023, after which Taylor served as chief product officer until October 2025. Most recently, he was head of design at Base, the Ethereum-based blockchain network built by crypto exchange Coinbase (COIN).

X product lead Nikita Bier said he had tracked Taylor’s work for years and pushed to bring him on, calling one of his past products among the best designed he had seen.

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The hire adds a designer with hands-on crypto experience at a time when X telegraphed its plans to roll out features to support payments and broader financial features on the platform.

Earlier this month, Musk said that X Money is set to launch in April, offering peer-to-peer transactions, bank deposits, a debit card and cashback rewards in more than 40 U.S. states. It was also proposed to pay a 6% yield on balances.

However, there wasn’t any mention of blockchain or crypto element in X Money at the time.

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Crypto World

Bitpanda, Vision Web3 Foundation, and Optimism Launch Vision Chain for European Institutional Finance

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Brian Armstrong's Bold Prediction: AI Agents Will Soon Dominate Global Financial

TLDR:

  • Vision Chain is built on the OP Stack and designed to meet Europe’s MiCAR and MiFID II regulatory standards.
  • Bitpanda removes the complexity of private blockchain systems, helping institutions move from pilots to production.
  • The Vision Token (VSN) ties network revenue to token buybacks, linking ecosystem activity to long-term stability.
  • Bitpanda’s seven million users gain access to tokenized assets previously reserved for professional market participants.

Vision Chain has entered the market as a blockchain layer built for European financial institutions. Bitpanda, the Vision Web3 Foundation, and Optimism developed the network on the OP Stack.

It connects traditional finance to the global onchain economy. The chain operates within the EU’s MiCAR and MiFID II frameworks and aligns with DORA resilience principles.

This launch targets a critical gap that has left European institutions relying on closed, proprietary networks with limited liquidity.

Replacing Closed Networks With Open, Compliant Infrastructure

European financial institutions have long relied on closed, proprietary blockchain networks. These systems lack the liquidity and interoperability required for broader market participation.

Vision Chain offers a standardized, managed infrastructure as a replacement. Partners can move from isolated pilots to live production-grade deployments.

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Vision announced the launch, noting Vision Chain merges Ethereum-level openness with a framework suited to Europe’s regulatory environment. The chain gives institutions a public blockchain they can practically use.

This design reflects growing institutional demand for compliant, interoperable access. The network is built to serve both regulated institutions and the broader DeFi sector.

Bitpanda removes the operational complexity of building private blockchain systems for partners. This lowers costs and shortens the path from pilot to production.

The network uses MiCA-compliant Euro stablecoins to settle all network and transaction fees. This removes the currency volatility that often comes with fees on public blockchains.

Bitpanda CEO Lukas Enzersdorfer-Konrad described the shift as a foundational moment for European capital markets. “Today, we still talk about digital assets, but in the future all assets will likely be digital,” he said.

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He added that European financial institutions have been ready for this shift for years, but the infrastructure has been missing. Vision Chain, he noted, combines the openness of public networks with the reliability institutions require.

Vision Token Anchors the Network’s Economic Model

The Vision Token (VSN) forms the commercial backbone of Vision Chain’s ecosystem. Issued by the Vision Web3 Foundation, VSN is a crypto-asset tied to network activity.

A portion of revenue generated by the network goes toward buying and removing tokens from circulation. This creates a direct link between network usage and ecosystem stability.

The network also expands access for Bitpanda’s over seven million users. They gain entry to tokenized investment products once reserved for professional market participants.

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Banks and fintechs can issue high-quality assets directly on the chain. DeFi developers can build compliant products using those institutional-grade assets.

Fabian Reinisch, President of the Vision Web3 Foundation Board, said the chain marks a key milestone for the foundation. “By aligning public blockchain technology with institutional requirements and long-term ecosystem incentives, we are laying the groundwork for a new generation of European financial applications,” he stated.

Vision Chain was built to align public blockchain technology with institutional needs. The aim is transparent, interoperable networks for European finance.

Optimism’s role centers on its OP Enterprise model, which handles chain operations and upgrades. CEO Jing Wang said the model lets partners focus on product development rather than infrastructure management.

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“Vision Chain reflects the growing demand for blockchain infrastructure that meets institutional standards without sacrificing the openness of Ethereum,” Wang said. Together, the three organizations aim to strengthen Europe’s role in the global onchain economy.

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Ether Supply Tightens as Staked ETH Reaches New 38M High

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Cryptocurrencies, Ethereum, Adoption, Markets, Cryptocurrency Exchange, Price Analysis, Market Analysis, Altcoin Watch, Ether Price, Staking

Ether’s (ETH) liquid supply on the Ethereum network continues to tighten, with exchange netflows, rising staking participation, and declining exchange reserves all pointing to a shrinking pool of readily available tokens. 

Analysts suggest this supply contraction may mark the early stages of a “new phase,” potentially establishing a stronger structural price floor for ETH in the market cycles ahead.

ETH staking locks in 33.1% of the circulating supply 

Ethereum’s staking share continues to rise, with about 38.1 million ETH locked on Wednesday, equal to roughly 33.1% of the total supply. Staking infrastructure provider Everstake noted that this is the highest level recorded, marking a steady shift toward illiquid capital rather than tradable inventory. The staking platform said

“This steady reduction in liquid supply, combined with ongoing demand, creates the conditions for a structurally stronger price environment.”

Cryptocurrencies, Ethereum, Adoption, Markets, Cryptocurrency Exchange, Price Analysis, Market Analysis, Altcoin Watch, Ether Price, Staking
Total ETH staked. Source: ValidatorQueue

Crypto analyst Gaah added that this scale of locked ETH creates a visible contraction in the liquid supply.

The ETH validator activity reinforces this trend. The entry queue holds 2,876,752 ETH with an estimated wait time of nearly 50 days, signaling sustained demand to stake. 

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Cryptocurrencies, Ethereum, Adoption, Markets, Cryptocurrency Exchange, Price Analysis, Market Analysis, Altcoin Watch, Ether Price, Staking
ETH validator activity. Source: ValidatorQueue

In contrast, the exit queue contains only 40,504 ETH, with a wait time under 17 hours. The churn rate, capped at 256 validators per epoch, limits how quickly supply can re-enter circulation. This indicates that even if sentiment shifts, unlocking the supply takes time.

Such conditions slow the pace at which ETH can return to exchanges, leaving a significant portion of the supply inactive for trading.

Related: Ethereum price rally pauses at $2.2K: What will trigger breakout?

ETH exchange balances hit multi-year lows

ETH exchange flows have shown consistent outflows across major venues over the past few weeks. Crypto analyst Amr Taha highlighted a $1.67 billion ETH withdrawal from OKX on March 22. Likewise, Binance recorded two separate outflows above $300 million in early February. 

Cryptocurrencies, Ethereum, Adoption, Markets, Cryptocurrency Exchange, Price Analysis, Market Analysis, Altcoin Watch, Ether Price, Staking
ETH exchanges netflow. Source: CryptoQuant

The large negative netflows signal that ETH is moving away from exchanges rather than being positioned for sale.

Multiple exchanges reporting sizable withdrawals above, point to a broader contraction in exchange-held supply. The lower balances reduce immediate selling pressure from traders and tighten the available liquidity for spot markets.

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Cryptocurrencies, Ethereum, Adoption, Markets, Cryptocurrency Exchange, Price Analysis, Market Analysis, Altcoin Watch, Ether Price, Staking
Ether exchange reserves on Binance. Source: CryptoQuant

CryptoQuant data shows the ETH supply on exchanges has fallen to its lowest level since 2016, with Binance-specific balances currently sitting near its December 2020 lows of roughly 3.3 million ETH.

With fewer coins available for trading, the price sensitivity to demand increases, which may allow ETH to move strongly above its current range near $2,000 to $2,200, once momentum returns. 

Related: Ethereum devs up security efforts with new ‘Post-Quantum’ team