According to a report in the Financial Times, the global social platform giant Twitter is forming a new department called “Twitter Crypto”. It focuses on crypto, blockchain and other decentralized technologies, and has hired Tess Rinearson as the head of the crypto department.
Lenilson also revealed on Twitter the key plans the crypto team will focus on in the near future. First, they will develop decentralized applications (DApps) for creators to manage virtual goods, cryptocurrencies, and fan support communities. Second, Lenilsen also hinted that the team will use crypto to enhance the identity, community, and ownership on Twitter.
In addition, Lenilson also pointed out that her team will work with Twitter’s decentralized social network project BlueSky to help shape the future of decentralized social media.
Twitter has long supported cryptocurrencies
Twitter’s CEO Jack Dorsey (Jack Dorsey) has always been a staunch supporter of Bitcoin. His other company, Square, one of the world’s largest payment processors, has already made big bets in the crypto space. According to the survey, Square currently holds 8,027 bitcoins, which is equivalent to 500 million US dollars at the price of 64,500 US dollars at the time of writing. Square’s Cash App allows users to buy and sell Bitcoin. According to the company’s financial report data, Square’s Bitcoin service revenue in the first quarter of this year was 3.5 billion U.S. dollars, and the second quarter’s Bitcoin revenue was 2.7 billion U.S. dollars. However, affected by the decline in the crypto market, the Bitcoin service in the third quarter only brought in $1.76 billion in revenue for Square. Nevertheless, Square is still actively exploring Bitcoin-based decentralized exchanges, hardware wallets, custodial services, and mining systems.
In the same month’s Twitter second-quarter earnings conference, Dorsey stated that Bitcoin is the “best candidate” for becoming the “native currency” of the Internet. This will mean that “people and companies can freely trade goods and services anywhere on the planet.”
“I think Bitcoin is an important part of our future. Bitcoin has many innovations beyond being a currency, especially when we consider decentralized social media and provide more economic incentives. So I think this is very important for Twitter Important, we will continue to focus on this area and actively invest in it,” he added.
The integration of Bitcoin and Twitter also means that Twitter has accomplished something that other technology giants cannot currently do. Build a borderless payment system in the application.