Twitter creates a cryptocurrency team to look at it

Twitter is forming a new team to investigate developments in the decentralized cryptocurrency area, which will be managed by Tess Rinearson, a seasoned Blockchain engineer. Twitter Crypto, according to Rinearson, will be a “center of excellence for all things blockchain and Web3″ within the social media platform.

This comes after the social media behemoth said in September that it will be launching a new service that would allow users to tip others for their content using Bitcoin. On Twitter, Rinearson revealed the social media giant’s cryptocurrency aspirations.” First, they (Twitter) will grow decentralized apps (DApps) enabling creators to manage virtual goods, currencies, and ways for their fans to support their community,” she wrote on Twitter.

Rinearson stated that her team will use crypto technology to improve Twitter’s identity, community, and ownership. Her team will also work with Blue Sky, Twitter’s decentralized social networking project, to “help shape the future of decentralized social media,” according to her.

Twitter is also experimenting with different methods of verifying NFT used as profile images. In the meanwhile, Twitter isn’t the only social media behemoth interested in Blockchain technology. Alexis Ohanian, the co-founder of Reddit, is looking to expand their platforms with the cryptocurrency Solano, and Discord is also embracing certain web 3 concepts.

Apple CEO Tim Cook recently confessed that he owns cryptocurrencies and that he has “been interested in it for a time,” though he clarified that the company has no intentions to accept it as a form of payment.

Twitter Blue, a subscription-based service, was launched earlier this week in the United States and New Zealand. Twitter Blue subscription is an attempt by the social media behemoth to diversify its revenue streams.