According to blogger Jane Wong, Twitter is reportedly building a cryptocurrency wallet that will allow crypto deposits and withdrawals despite Twitter denying the existence of such a project.
The social media titan, Twitter, is reportedly working on a crypto wallet. The crypto wallet prototype that supports crypto deposit and withdrawal of cryptocurrencies.
The company continues to work on a cryptocurrency wallet that includes support for deposits and withdrawals. Blogger, Jane Manchun Wong, disclosed Twitter’s plans for a crypto wallet.
A Crypto Wallet for Twitter Users
Twitter continues to push for a web3 frontrunner. The company is working on a wallet prototype that supports crypto deposits and withdrawals.
However, no official confirmation of the project was issued from the social media platform. The initial token support remains unclear. Accordingly, Twitter never issued a timetable around the project’s formulation.
Twitter denied the existence of such a project and Wong’s research remains unclear. Wong claimed that she obtains her data from a publicly available code. Apparently, Twitter introduced various other cryptocurrency-related features over the past years.
In September 2021, Twitter introduced cryptocurrency tipping. In November, the social media platform integrated web3 into decentralized applications. Furthermore, the firm also allowed users to add NFTs as profile pictures in January 2022.
The rumors come at a time when a pending buyout looms from a distance. Elon Musk plans to buy Twitter following a series of lawsuits in the last few months. Musk also considered using crypto micropayments to limit spam transactions on Twitter.
However, recent developments suggest that this may no longer be under consideration.
Twitter’s Competition
The news comes after the announcement of a decentralized social media platform. The decentralized platform, dubbed Bluesky, aimed at testing its Beta app last Tuesday.
Former CEO of Twitter, Jack Dorsey, announced the initiative to grant users control over their data. The social media platform incorporated the Authenticated Transfer (AT) protocol.
The social media app allows for account portability, algorithmic choice, and interoperability. The advancement in the decentralized app uses cryptographic URLs to secure the data of users. Jack Dorsey claimed that they look forward to ensuring the app spurs the crypto market.
However, Bluesky will not possess any crypto features. Bluesky lead, Jay Graber, emphasized the decision not to add crypto features. She claimed that Bluesky remains confident in not adding social media content on a blockchain.
Did Dorsey pave the way?
Apparently, crypto wallets continue to spur the global markets. They act as an area of opportunity for blockchains, but rarely for social media platforms.
Twitter’s wallet development, if confirmed, should not be too surprising. Only time will tell if Twitter will build a crypto-based technology.
Twitter continues to pursue the crypto industry following the lead of former CEO Jack Dorsey.
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