Twitter Crypto is the name of the social networking giant’s new dedicated team being formed to work with crypto, decentralised apps (Dapps), NFTs, and other ledger technologies.
The latest push by CEO Jack Dorsey to bring digital assets into the mainstream, Twitter has hired Tess Rinearson to lead the team. An experienced software and crypto engineer, Rinearson has worked for Tendermint, Chain.com, and the Interchain Foundation.
The team appears to be Dorsey’s next step in realising his vision for Bitcoin becoming the currency of the internet.
In driving crypto adoption, Twitter recently implemented the ability to send and receive Bitcoin to tip users for their content through Strike, a payments application built on the Bitcoin Lightning Network. The company is also working on a collectibles tab where users can show off their NFTs and even use verified artwork as their display pictures.
Rinearson’s work will not be solely payment focused however, the team is also looking into decentralising social media more generally.
Despite the grandiose vision of Dorsey, investors in Twitter are struggling to share in his dream. Some see decentralisation as self-sabotage to Twitter’s advertising-based business model whilst others think the company’s fixation on crypto is causing distractions.
This is best evidenced in Twitter share prices, which have plummeted by 16% in the past thirty days.
Even so, the Web3 movement is gaining traction amongst tech communities who believe it has the power to dismantle the power of Big Tech. Social platforms such as Discord and Reddit have joined Twitter in hinting that they are exploring the potential of decentralised apps.
Rinearson commented on joining the new team: “Twitter gets crypto, and its early integration of Bitcoin Tips and NFT authentication demonstrates that. There’s so much more to explore to help people participate in the promise of an evolving, decentralised internet, directly on Twitter.”
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