Twitter is known for its ability to give anyone a voice. The social media monster is now taking a new approach to stay on top, and recently have established a dedicated ‘Crypto’ team, led by Tess Rinearson. She explained that the “new team is focused on crypto, blockchains, and other decentralized technologies” within the crypto world. Lets take a look at what Twitter has said thus far, and what they have in store for the future.
Twitter’s team stated:
We’re exploring ways to incorporate decentralized technologies into our products and infrastructure.
This will be a good way for the company to continue exploring payments and other ways for people creating content to earn crypto, and the “decentralization of social media.”
Rinearson pointed out 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] to manage virtual goods and currencies, and to support their work and communities.
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.”
She finished up with this statement:
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. He recently said that his other company, Square Inc., is focused on helping bitcoin become the native currency for the internet. He has outlined a number of initiatives that are focused on helping bitcoin reach a mainstream audience, while at the same time strengthening the network and ecosystem. One of the initiatives, and popular finance app Cash App, generated $1.82 billion of bitcoin revenue and $42 million of bitcoin gross profit during the third quarter of 2021.
Now, Twitter has set up a team to focus on “crypto, blockchains, NFTs, and other decentralized technologies — including and going beyond cryptocurrencies. 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.
This news is huge for the NFT market as many artists will be able to promote on a higher level, and more people will become aware of how none fungible tokens (NFTs) work. As Twitter’s new team steps foot in somewhat familiar territory, it will be good for the crypto community to have a huge powerhouse to back and acknowledge the power of crypto.