Twitter has set up a team to focus on “crypto, blockchains, and other decentralized technologies — including and going beyond cryptocurrencies.” Initially, the team will explore how it can “support the growing interest among creators to use decentralized apps to manage virtual goods and currencies, and to support their work and communities.”
Twitter will focus on crypto, blockchain, and decentralized apps
Twitter created a crypto-focused dedicated team under Tess Rinearson. She explained Wednesday that the “new team [is] focused on crypto, blockchains, and other decentralized technologies — including and going beyond cryptocurrencies.”
Twitter:
We’re exploring ways to incorporate decentralized technologies into our products and infrastructure.
Initially, the company will explore payments, ways for people creating content to earn crypto, and the “decentralization of social media.”
Rinearson emphasized 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]Manage virtual currency and goods. Support their efforts and community.
In the future, the team will explore “how ideas from crypto communities can help us push the boundaries of what’s possible with identity, community, ownership and more,” the crypto unit lead detailed.
Rinearson noted that her team will be working closely with the Bluesky team “to help shape the future of decentralized social media.” Bluesky is a decentralized social network project funded by Twitter.
Her conclusion:
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.
Twitter’s CEO, Jack Dorsey, is a longtime bitcoin supporter. Recently, he stated that Square Inc. is his second company and will help bitcoin to become the preferred currency on the web. He described a variety of initiatives that aim to make bitcoin more mainstream while also strengthening the ecosystem and network.
Cash App was one of these initiatives. It generated $42 million in bitcoin gross profit and $1.82 billion in bitcoin revenue during the third quarter 2021.
What do you think about Twitter’s plan for the new team? Leave your comments below.
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