Twitter is well-known for giving anyone a voice. To stay on top, the social media monster has taken a new approach, recently establishing a dedicated ‘Crypto’ team led by Tess Rinearson. She stated that the “new team is focused on crypto, blockchains, and other decentralized technologies” in the cryptocurrency world. Let’s look at what Twitter has said so far and what they have planned for the future.
Twitter Hits The Ground Running
Twitter’s team stated:
We’re exploring ways to incorporate decentralized technologies into our products and infrastructure.
This will allow the company to continue investigating payments and other ways for people creating content to earn cryptocurrency, as well as the “decentralisation of social media.”
Rinearson pointed out that “Twitter truly ‘gets’ crypto,” referencing the company’s bitcoin tipping and non-fungible token (NFT) projects. “But there’s so much more to explore here,” she added.
“As I build out the team, we’ll be working to figure out what crypto can do for Twitter, as well as what Twitter can do for crypto,” she continued, elaborating:
First, we’ll be exploring how we can support the growing interest among creators to use decentralized apps [dapps] to manage virtual goods and currencies, and to support their work and communities.
She finished up with this statement:
Twitter Crypto will underpin all of this work, and serve as a ‘center of excellence’ for all things blockchain at Twitter. We’ll be hiring for roles in engineering and product.
What Else Is Shakin’
Twitter CEO Jack Dorsey has been a long-time supporter of bitcoin. He recently stated that his other company, Square Inc., is dedicated to assisting bitcoin in becoming the internet’s native currency. He has outlined a number of initiatives aimed at bringing bitcoin to a wider audience while also strengthening the network and ecosystem. During the third quarter of 2021, one of the initiatives, the popular finance app Cash App, generated $1.82 billion in bitcoin revenue and $42 million in bitcoin gross profit.
Twitter has now formed a team to focus on “crypto, blockchains; NFTs, and other decentralised technologies; including but not limited to cryptocurrencies.” The team will investigate how it can “support creators’ growing interest in using decentralised apps to manage virtual goods and currencies; as well as to support their work and communities.”
This is great news for the NFT market because many artists will be able to promote themselves more effectively; and more people will be aware of how none fungible tokens (NFTs) work. As Twitter’s new team enters somewhat familiar territory; the crypto community will benefit from having a massive powerhouse to back and; acknowledge the power of crypto.