Twitter has announced the formation of a dedicated crypto team to investigate decentralized apps, cryptocurrencies, and blockchain technology—the endeavor is dubbed “Twitter Crypto.” The news comes less than two months after Twitter initially introduced crypto tipping to its users via a collaboration with lightning network operator Strike Inc. Twitter also said at the time that users would be able to authenticate their non-fungible tokens on the site. According to the company, the new effort would be “a center of excellence for all things blockchain and web3.”
To begin, the team will investigate crypto payments (Bitcoin tips, crypto payments for ticketed spaces), creator monetization potential (NFT tools), and decentralizing social media (part of the general movement toward Web3).
Tess Rinearson, a crypto engineer, will lead the team, according to Twitter. She formerly worked at Interchain, a company that creates decentralized technology, and Interstellar, a decentralized crypto wallet, and exchange.
Tess Rinearson, who is based in Berlin, said that she has no intention of leaving the country, but that she would form a “distributed and cross-cultural” team for the new project. “As I build up the team, we’ll be figuring out what crypto can do for Twitter, as well as what Twitter can do for crypto,” she continued. But Twitter “gets” crypto (hello, bitcoin tipping and NFTs! ), but there’s so much more to discover here. “
Rinearson’s hiring comes at a time when major technology companies are grappling with how to expand alongside web3, which refers to a hypothetical new version of the internet that will operate on public blockchains. Unlike web2, the internet as we know it now will be decentralized by nature.
Twitter Crypto will collaborate closely with Bluesky, a new Twitter-sponsored effort that seeks to create an “open, decentralized standard for social media.” Twitter’s decision comes at a time when Twitter CEO Jack Dorsey has long proclaimed bitcoin to be the currency of the future. He said in June that if it weren’t for the successful digital firms he established, Square and Twitter, he would be working on Bitcoin. Both of his enterprises have revealed new developments in the digital asset ecosystem in recent months.
Twitter isn’t the only large social site that is experimenting with blockchain technology. Discord’s founder and CEO, Jason Citron, hinted in a tweet earlier this week that the company is working on an interface with MetaMask, a popular crypto wallet service. Reddit is also looking for engineers to work on an NFT platform.
Twitter is presently trading at $52.33, down 2.55 percent for the day as of this writing.