Twitter is working on an in-house crypto wallet featuring support for deposits and withdrawals. According to a blog post by software engineer Jane Machung Wong.
The project is reportedly under development, with the team behind the development currently working on a prototype.
Social media giant Twitter is working on a crypto wallet, making it possible for users on the platform to deposit and withdraw cryptocurrencies.
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.
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 micro-payments to acquire the platform to prevent spam transactions during talks.
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.
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, 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.