According to tech blogger Jane Manchun Wong in the late hours of Monday, Jack Dorsey founded social media giant Twitter is now working on a wallet prototype that will make it possible to deposit and withdraw cryptocurrencies.
Although unconfirmed, this development has been lauded in crypto quarters worldwide because Wong is noted for accurately reporting and disclosing early tech findings and developments.
“Twitter is working on a ‘wallet prototype’ that supports ‘crypto deposit and withdrawal.” – Jane Wong tweeted.
How it is likely to work
Although Twitter has not publicly announced any such product and Jane Manchun Wong did not provide any additional details about the new initiative, it is looking like Twitter is attempting to become a full-fledged Web3 platform.
The proposed native Twitter crypto wallet if implemented will be a seamless feature for the platform users, especially while sending and getting tips and using the NFT profile image feature.
This literally means that there would be no need to link or manage an external crypto wallet like metamask, phantom and others as all the services will be embedded in one platform.
An overview of Twitter crypto features
Twitter has introduced several other cryptocurrency-related features to the platform over the past one year. Recall that last September, it rolled out a feature that made it possible for users to tip content creators with Bitcoin. Following up with that in February, Twitter-native cryptocurrency tipping also became available for Ethereum users.
Also in November 2021, the social media giant began to integrate web3 dApps. This January too, it allowed people to show off their non-fungible tokens (NFTs) on their profile pictures. Notably, Elon Musk is considering incorporating crypto payments into twitter if his takeover proves successful.
Importantly, this Twitter crypto wallet update is coming shortly after the news of Twitter’s decentralised social media platform BlueSky. The project announced the launch of a beta app last week Tuesday.
Although BlueSky may appeal to the crypto community’s values around decentralization, BlueSky lead Jay Graber has emphasized that BlueSky will not have crypto features: “I’m confident in our decision to not put social media content on a blockchain,” she wrote last Thursday.
Conclusively, the rumored addition of cryptocurrency wallets will potentially turn Twitter into a full-fledged Web3 platform. So we await other information since there has been no official announcement from Twitter regarding the launch of the crypto wallet.