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Twitter Will Build A Wallet Prototype To Support Crypto Transactions

Published 10/25/2022, 04:38 AM
Updated 10/25/2022, 05:00 AM
Twitter Will Build A Wallet Prototype To Support Crypto Transactions

  • Twitter is reportedly working on a wallet prototype to support crypto deposits and withdrawals.
  • Twitter added a new feature that lets users add links to select third-party payments.
  • The announcement has been linked to the launch of BlueSky.

Twitter is reportedly working on a wallet prototype to support crypto deposits and withdrawals. Security researcher Jane Manchun Wong made the news public by announcing it on Twitter.

Earlier in September 2021, Twitter rolled out a new feature that lets users add links to select third-party payment services to its Twitter profile. The new feature enables users to link a third-party payment service and post their Bitcoin (BTC) or Ethereum (ETH) wallets to their accounts, allowing followers and supporters to tip in those cryptos.

Notably, users must create and maintain their own wallets and addresses in order to use this service. At first, Bitcoin was compatible with the functionality. Later, Twitter expanded the functionality to include NFTs and Ethereum addresses.

Rumor has it that incorporating a native crypto wallet into the platform would eliminate the need for any third-party service and move the social media site closer to Elon Musk’s concept of “X, the everything app,” which is believed to compete with WeChat.

The recent announcement has been linked to the launch of Twitter’s decentralized social media platform BlueSky, which launched its beta app last Tuesday. Jay Graber, the CEO of BlueSky, has highlighted that the platform would not have crypto features. He clarified,

I’m confident in our decision to not put social media content on a blockchain.

The crypto wallet feature will potentially turn Twitter into a full-fledged Web3 platform. However, there has been no official announcement from Twitter regarding the launch of the crypto wallet.

The post Twitter Will Build A Wallet Prototype To Support Crypto Transactions appeared first on Coin Edition.

See original on CoinEdition

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