TL; DR Breakdown
- Twitter is building a team of professionals to guide its move into cryptocurrency and decentralised technology.
- Tess Rinearson, a Berlin-based software engineer, is to lead this team.
- The team will focus on finding improved ways Twitter can integrate into this rapidly growing industry.
As we draw further into more institutional adoption, we’ve seen giants adopt cryptocurrencies as payment methods and blockchain to streamline operations. The global adoption index on crypto has risen to 880 Percent in 2021.
Amidst the growing traction in the crypto space, social media giant Twitter has started to build a team of experienced professionals involved in the crypto and blockchain space to point the company towards the path for a decentralised social media platform, while also supporting the digital currencies and decentralized technologies.
Twitter is diving into crypto and DeFi
In a tweet, Tess Rinearson, a Berlin-based software engineer, announced that she had just joined Twitter to lead the new crypto team.
Tess stated in her thread that the team will focus on finding how Twitter can contribute to the cryptocurrency community, creators and collectors of digital assets alike, while also benefiting from crypto.
“Looking farther ahead, we’ll be exploring how ideas from crypto communities can help us push the boundaries of what’s possible with identity, community, ownership and more,” she said.
As it moves deeper into the blockchain technology, Twitter’s new crypto-focused team would be working with Bluesky, an open-source social web building protocol in its vision.
Institutions are becoming active players in crypto
Social networking servicing companies, Twitter, Facebook, Reddit, e.t.c, have indirectly played a significant role in the worldwide adoption of crypto. Users have used these social media platforms to build crypto communities and raise worldwide awareness of this decentralised and more efficient technology.
Twitter had earlier announced a feature to enable users to tip their favourite influencers with fiat and cryptocurrency, especially Bitcoin. The move is to commensurate its involvement in the rapidly growing technology.
The tipping feature is supported by Strike’s Bitcoin lightning network for more efficient real-time transactions. Other tipping methods are traditional payments providers, to be added optionally by the users.
An NFT authentication feature is to be added on the platform too, where users can authenticate their NFTs on the Ethereum network and showcase their NFT collection for followers, collectors, and artists to see.
Meanwhile, the development today is coming just weeks after Facebook publically announced a change of name to “Meta”, and an investment of millions on dollars into Metaverse/Crypto related research.
We have also seen significant institutional adoption in the crypto space in recent months. Nike, Microsoft, Softbank, and so many others have taken bold steps in adopting and investing in cryptocurrencies. Google isn’t left out in this cutting edge technology.