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According to a blog post by software engineer Jane Machung Wong, Twitter is working on an in-house crypto wallet featuring support for deposits and withdrawals.
The project is reportedly under development, with the team behind the development currently working on a prototype.
Twitter’s Wallet Prototype
Social media giant Twitter is working on a crypto wallet, making it possible for users on the platform to deposit and withdraw cryptocurrencies. The news was disclosed by Jane Manchun Wong. Wong is noted for accurately reporting and disclosing early tech findings and developments. Wong Tweeted,
“Twitter is working on a ‘wallet prototype’ that supports ‘crypto deposit and withdrawal.”
Last September, Twitter had announced the rollout of a feature that allowed users to tip content creators using cryptocurrency (Bitcoin). The tipping mechanism became available to Ethereum users in mid-February. The popular social media platform had also introduced a feature that allowed users to show off their non-fungible tokens (NFTs) on their profile pictures.
One Of The Most Crypto-Friendly Platforms
Jack Dorsey founded Twitter has become one of the most crypto-friendly platforms in the world, alongside other major social media platforms such as Reddit and Instagram. Dorsey promoted the use of several features, enabling users to link their crypto wallets to their Twitter profiles. However, this feature required that users create and manage their own crypto wallets and addresses.
Initially, this feature was compatible only with Bitcoin but was later extended to include NFTs and Ethereum addresses. Musk had also considered using crypto micropayments to acquire the platform to prevent spam transactions during talks.
No Official Confirmation
Twitter has not acknowledged reports about a cryptocurrency wallet being in the works. It also needs to clarify how or where Wong sourced her information. However, looking at other reports and statements by Wong, she sources most of her information from publicly available code.
However, if the wallet is implemented, it would make the sending and receiving of tips much simpler for users. Using the NFT profile picture feature would also become much easier since users will no longer require an external wallet.
Project Bluesky
The rumors of a crypto wallet in development by Twitter come on the heels of the announcement of Twitter’s decentralized social media platform, Project BlueSky. BlueSky announced the launch of a beta application last Tuesday. Although BlueSky is designed keeping features such as decentralization in mind, project BlueSky lead Jay Graber stressed that it would not come with crypto features.
Graber had written about the decision back in October, stating,
“I’m confident in our decision to not put social media content on a blockchain.”
The team behind BlueSky is working on a social media solution designed to allow such platforms to operate beyond the structure and limitations of a traditional company. Instead, they will adopt the values of cryptocurrencies, such as decentralization and transparency.
“What’s a “federated” network? It’s a way for servers to communicate with each other – like email. Instead of one site running the network, you can have many sites. Users get a choice of provider, and individuals and businesses can self-host if they want.”
Other Platforms Working On Web 3.0
Twitter is one of many social media platforms working on integrating Web 3.0 features. Telegram recently launched a crypto exchange bot, allowing users to exchange cryptocurrencies. Users on Telegram were already able to purchase crypto without a card, exchange it, and transfer it to wallets. The new feature allows them to trade with one another directly on the platform.
Meta, Facebook, and Instagram’s parent company had also announced back in September that users of the social media platforms will be able to connect their wallets and crosspost their NFTs on Facebook and Instagram.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.