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Bullish: Twitter is working on its own crypto wallet prototype

TL;DR

  • Social media giant, Twitter, wants to build an in-house crypto wallet
  • The wallet will enable users to deposit and withdraw cryptos
  • Other social media platforms have ventured into the crypto space

Digital wallets have become a hot venture in the crypto space of late, attracting the attention of even popular social media giants. There are now reports that Twitter is planning to create a crypto wallet to be integrated onto its social platform. With such entities introducing cryptos to their vast user base, it’s fair to opine that digital assets are poised for another hard push for global acceptance.

News of Twitter’s crypto wallet broken by a developer

A social media giant venturing into the crypto world and starting by building its crypto wallet is great news for the industry, and such news was bound to catch everyone unaware. Thankfully, someone was quick enough to catch wind of it and share the good news with the community.

In a recent tweet, one Jane Manchun Wong let the cat out of the bag, announcing that Twitter was in the business of creating a digital wallet. Jane is a front-end software developer, and that gives credence to her claims.

According to her, Twitter’s crypto wallet will allow users to deposit and withdraw digital assets via the platform. This also means that they will be able to send and receive the crypto coins.  

Twitter has kept mum

Interestingly, the social media giant in question has elected not to comment on the issue. At the time of this writing, Twitter is yet to issue any statement affirming or refuting the claims. This may be taken to mean that the news could be true and that the company is taking its time to court attention to the news before making an official statement.

The news is backed by a few other signs that may have been exposed to the public lately. A few weeks ago, Twitter’s head of product, Amir Shevat, announced that the platform had commenced testing Tweet Tiles with popular news outlets like The Guardian, New York Times, and the Wall Street Journal. This followed an earlier move by Twitter to enter partnerships with NFT platforms and marketplaces, namely Rarible, Open Sea, Magic Eden, Jump.trade, and Dapper Labs.

Twitter has always been pro-blockchain and crypto

It’s worth noting that Twitter has long been a pro-crypto company. That was even before former CEO and founder Jack Dorsey left the company. Before he left, Jack was already putting in place plans to steer Twitter into the crypto space. The current CEO, Parag Agrawal, seems to have chosen to continue on that path, and that’s a good thing.

The company is currently the subject of a buyout initiated by Tesla CEO and founder Elon Musk. Elon has pledged to revolutionize the platform. The current news may be an initial step towards that goal. Time will tell whether the creation of the said crypto wallet is Musk’s idea.

Not the first media giant to get into crypto

Twitter is not the first social media platform to venture into the cryptoverse. Others, like Facebook and Reddit, have done the same. However, Facebook’s (now Meta) project Libra was dropped. Recently, Reddit launched an NFT-focused avatar feature that has since recorded massive success. In the same endeavor, the internet browser, Brave, has achieved integration with the Metamask wallet.

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Nick James

Nick is a technologist with a special interest in Blockchain technology and cryptocurrencies. He has actively participated in the industry for several years. His main passion is sharing news within the crypto community.

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