xDay 2023: Elon Musk’s X Competitor? xPortal Unveils Rival Features

Reynaldo Marquez

1 year ago

3 mins read

Elon Musk xDay 2023 event MultiversX EGLD EGLDUSDT Crypto

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In the next three days, our team at Bitcoinist will cover xDay 2023, an event organized by MultiversX in the Palace of Parliament, Romania. Formerly known as Elrond, the project rebranded in 2022 to focus on the Metaverse, one of the hottest trends in crypto.

During the event, the head of product for MultiversX’s native “SuperApp” xPortal, Sergius Biris, unveiled new features to expand the ecosystem. The project aims to onboard new users to the network by providing social interactions, a bridge with other blockchains, and more to compete with Elon Muk.

elon musk multiversX google elgd — MultiversX’s token ELGD trends to the downside on the daily chart. Source: **ELGDUSDT on Tradingview**

xPortal Goes After Elon Musk’s Ambitions

Since last year, when Musk acquired Twitter (rebranded as “X”), the entrepreneur has progressively tried to turn it into something more. The social media app allows users to receive tips, subscribe to their favorite content, and interact with non-fungible tokens.

These features highlight the relevance for users to operate with a single hub. MultiversX and xPortal want to compete with Elon Musk by providing users access to these and other features announced during the conference, such as gamification, access to the metaverse, and NFTs to provide a “multifaceted digital experience.”

In contrast with X and Musk’s attempts, the team behind xPortal believes they have a critical advantage: their product is live and has over 1.5 million users already transecting and interacting with the MultiversX ecosystem.

Moreover, MultiversX has a vision to remove all friction from onboarding their ecosystem. Thus, xPortal announced a new fiat to crypto on and off-ramping capability and a feature enabling users to swap their tokens.

For European users, xPortal will enable peer-to-peer fiat payments with the traditional banking system, SEPA and SWIFT, earlier next year. During the conference, Biris stated:

The features launched today, most notably the debit cards, were a long time in the making. Today’s launch elevates xPortal from a crypto wallet to a financial super app. We thus created a bridge to an interconnected future where the lines between crypto, fiat, and emerging technologies like AI dissolve, bringing an unparalleled user experience.

The new features also included tools for developers and creators to leverage the MultiversX ecosystem. The xPortal app already allows them to launch their products for users to download quickly, similar to Apple’s Appstore and Google’s PlayStore.

Turning Web3 And Crypto Into “Money”

The conference has been conducted under a key vision: users want to leverage the technology, so crypto projects need to focus on security, scaling, and making accessible products. Rather than “Web3” or “Web4,” xPortal is about turning crypto into “money” available for anyone.

Sergiu Biris, Head of Product at xPortal, spoke to us during the event in an exclusive interview and shared the project’s vision:

They have to be able to do anything, whether it’s crypto or fiat, they don’t have to think about Blockchain is this, blockchain is not money. We are trying to dissolve those barriers between crypto and fiat because in our vision, money, it’s just money. And that’s why we want to make it easier for anyone to do whatever they need in terms of financial needs through the app.

Cover image from MultiversX, chart from Tradingview

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

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