Twitter is currently constructing a new feature that allows users to give each other “Awards” with the help of virtual tokens, which can be obtained in exchange for fiat currency. Security researcher and data miner Jane Manchun Wong reported that Twitter is designing an interface for purchasing Coins, which Stripe’s fiat payment processing would power.
Despite the recent staff layoffs after Elon Musk stepped in as CEO, the news reports that Twitter’s monetization strategy is forging ahead.
Will Twitter Coins be integrated into Blockchain?
Although it is improbable that Twitter Coins would remain on the blockchain, there is a chance that cryptocurrency could be integrated as payment via Stripe. Last year, Stripe began to back up and accept cryptocurrency payments; similarly, Twitter tested USDC transactions through Stripe for its creators to monetize their content. With these advances in technology and an open-mindedness towards innovation from both companies, incorporating cryptocurrencies into the mix may soon become a reality
However, it appears that those possessing Twitter Awards must accumulate a minimum value of $50 before redeeming them, similar to the previously established payment threshold for monetizing with Super Follows.
Wong told Decrypt that there were no apparent signs of the product being related to cryptocurrency.
Twitter does not rule out the possibility of adding Blockchain to its new feature
In December, Nima Owji—an experienced app researcher and developer—leaked news of Twitter Coins. When recently asked by Decrypt if his findings showed any evidence that cryptocurrency would be a part of Coins/Awards, he shook his head in the negative. Nevertheless, Mr.Owji does not rule out the possibility that Twitter may have something up its sleeve concerning crypto; it’s just keeping it far from prying eyes for now.
Owji also commented that companies typically refrain from divulging sensitive information until it is ready for the public. He surmised that if the news relates to cryptocurrency, its addition in code will be available when it is right.
Last week, Wong announced that Twitter’s Awards would include commendations such as “Mind Blown,” “Bravo,” and “Crown” to show appreciation for particularly impressive tweets. However, this feature is reminiscent of Reddit Gold, allowing users to demonstrate their gratitude by paying actual money in exchange for a virtual currency called Coins.