Twitter has outlined plans to deep dive into the crypto space and has announced that it is creating a dedicated team to focus exclusively on blockchain applications and Web3. The new team, also known as “Twitter Crypto,” will look at all things Web3 and blockchain.
Diving Into the Crypto Space
The creation of its Blockchain and Web3 focused team indicates Twitter’s determination to take a deep dive into the burgeoning crypto space. “Twitter Crypto” aims to be the center for blockchain and Web3, including the growing number of decentralized applications (dApps) that run on public blockchains.
Twitter has hired Tess Rinearson to handle the initiative, and she will be working under the CTO Parag Agarwal. Rinearson spoke about the developments on Twitter, sharing her excitement at the opportunity stating,
“I’m thrilled to share that I’ve joined Twitter, to lead a new team focused on crypto, blockchains, and other decentralized technologies-including and going beyond cryptocurrencies,”
Prior Experience With Decentralized Technologies
Before joining Twitter to work with “Twitter Crypto,” Rinearson worked with Interchain, which develops decentralized technologies. Rinearson has also worked with Interstellar, which is a decentralized exchange and crypto wallet. Rinearson will also work with Bluesky, in addition to her responsibilities with Twitter Crypto. Bluesky is Twitter’s engineering team that is dedicated to building a decentralized social media system.
Big tech firms have been trying to figure out how to grow alongside Web3, a new iteration of the current version of the internet. Web3 will run on public blockchains and will be completely decentralized, unlike the current version of the internet, Web2.
Betting Big On Bitcoin
Twitter’s move into blockchain and Web3 comes after CEO Jack Dorsey endorsed Bitcoin as the future. Dorsey has stated that Square and Twitter are the reasons he has started working on Bitcoin. Dorsey had shared his thoughts during the Bitcoin 2021 conference, stating,
“Bitcoin changes absolutely everything. I don’t think there is anything more important in my lifetime to work on.”
Twitter’s Foray Into Digital Assets
Twitter and Square have both announced several advancements into the digital asset ecosystem in recent months. Twitter has started to allow users in select areas to give tips in Bitcoin. This precedes proposed broader social media adoption of the same. Twitter also added that it would soon allow users to authenticate their non-fungible tokens (NFTs) on the social media platform.
Dorsey has also outlined plans for an open platform to create a decentralized bitcoin exchange through TBD, which is a part of Square. There are also plans to create an easy-to-use Bitcoin mining rig.
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.