Twitter Officially Joins The Crypto Race, Announcing A Dedicated Crypto Division

Twitter, one of the leading social media platforms to date, delved deep into the crypto space, as the company just announced the start of operation of a dedicated crypto division, which would help Twitter to embrace its net tipping and dApp compatibility services.

It turns out that Twitter CEO Jack Dorsey’s plans are coming together with the hire of Tess Rinearson, which would lead the new Twitter Crypto team.

“We’ll be working to figure out what crypto can do for Twitter, as well as what Twitter can do for crypto. Twitter truly ‘gets’ crypto (hello bitcoin tipping & NFTs!) but there’s so much more to explore here,” Rinearson noted.

Twitter added the Tips feature in September, allowing Twitter users to send other users crypto tips. Furthermore, Dorsey’s Twitter Crypto team would aim to push NFT authentication, which will connect Twitter with users’ digital crypto wallets in order for each user to show its NFT collection.

Twitter’s crypto lead further elaborated on the NFT and dApp functionalities of the forthcoming updates, declaring them as “pushing the boundaries of what’s possible with identity, community, and ownership.”

Meanwhile, Twitter Crypto would work side-by-side with Twitter’s Bluesky team to build a decentralized social network, but the undertaking has no technical documents or concepts available.

Twitter CEO Jack Dorsey made a short announcement, only adding that Twitter’s “goal is to be a client of that standard for the public conversation layer of the internet”.

However, Twitter is not the only social media giant looking to delve into the crypto sector. For years, Meta (ex-Facebook) is trying to push its own stablecoin project, dubbed Libra. The stablecoin would serve as a medium of exchange between users and could be converted into fiat. However, it is still unclear whether or not Libra would see its incarnation, since Meta CEO Mark Zuckerberg and his companies fell under the crosshairs of regulators, including US S.E.C, Department of Justice, and the United States Treasury.

Furthermore, other social media platforms, like Telegram, Discord, and Reddit, are also reported to explore options about integrating dApps and Web3 technology on the platforms.

Discord CEO Jason Citron didn’t reveal much about the integrations but noted that they might be connected to Metamask, while Reddit might be developing an NFT platform since it is hiring engineers.