Twitter will create a prototype wallet to support crypto transactions
- Twitter is said to be working on a prototype wallet that will support crypto deposits and withdrawals.
- Twitter has added a new feature that allows users to add links to third-party payments.
- BlueSky was launched as a result of the announcement.
Twitter is said to be working on a prototype wallet that will allow crypto withdrawals and deposits. Jane Manchun Wong, security researcher, made the news public via Twitter.
Twitter is working on a “wallet prototype” that supports “crypto deposit and withdrawal”
— Jane Manchun Wong (@wongmjane) October 24, 2022
Twitter launched a new feature earlier in September 2021 that allows users link to selected third-party payments services to their Twitter profile. This new feature allows users to link third-party payment services and post their (BTC or ETH) wallets to their accounts. This allows followers and supporters to tip in the cryptos.
Users must create and maintain their own addresses and wallets in order to use this service. The functionality was initially compatible with Bitcoin. Twitter later expanded the functionality to include NFTs as well as Ethereum addresses.
Rumor has it that incorporating a native crypto wallet into the platform would eliminate the need for any third-party service and move the social media site closer to Elon Musk’s concept of “X, the everything app,” which is believed to compete with WeChat.
The recent announcement has been linked to the launch of Twitter’s decentralized social media platform BlueSky, which launched its beta app last Tuesday. Jay Graber (CEO of BlueSky) stated that the platform would not include crypto features. He clarified:
I’m confident in our decision to not put social media content on a blockchain.
Twitter’s crypto wallet feature could make it a fully-fledged Web3 site. Twitter has not yet made an official announcement about the launch of the crypto wallet.
Coin Edition’s first article, Twitter Will Create A Wallet Prototype To Support Crypto Transactions, appeared first on Coin Edition.