Twitter has set up a team to focus on “crypto, blockchains, and other decentralized technologies — including and going beyond cryptocurrencies.” As a first step, the team will explore how they can “support the growing interest of creators in using decentralized applications to manage virtual goods and currencies, and to support their work and communities”.
Twitter to Focus on Crypto, Blockchain, and Decentralized Apps
Twitter has established a dedicated crypto-focused team led by Tess Rinearson. She explained on Wednesday that the “new team [is] focused on crypto, blockchains and other decentralized technologies, including and beyond cryptocurrencies.
Twitter said:
We’re exploring ways to incorporate decentralized technologies into our products and infrastructure.
As a first step, the company will explore payments, ways for people creating content to earn from crypto, and “social media decentralization.”
Rinearson emphasized that “Twitter truly ‘gets’ crypto,” referencing the company’s bitcoin tipping and non-fungible token (NFT) projects. “But there is so much more to explore here, “he said. -she adds.
“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 explore how we can support the growing interest of creators in using decentralized applications. [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,” the crypto unit lead detailed.
Rinearson noted that his team will work closely with the Bluesky team “to help shape the future of decentralized social media.” Bluesky is a decentralized social network project funded by Twitter.
She concluded:
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 CEO Jack Dorsey is a long-time supporter of bitcoin. He recently said his other company, Square Inc., was focused on helping bitcoin become the native currency of the internet. He 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, Cash App, generated $ 1.82 billion in bitcoin revenue and $ 42 million in gross bitcoin profit in the third quarter of 2021.
