Twitter has formed a dedicated team to research opportunities in the cryptocurrency space, according to the Financial Times. Twitter Crypto is set to become “the center of excellence for everything blockchain and Web3.”
“We are looking into opportunities to integrate decentralized technologies into our products and infrastructure,” the company said.
The primary areas of Twitter Crypto are payments, ways to create content for earning cryptocurrency, and “decentralization of the social network.”
In September, Twitter announced the addition of a function to send transfers between users in Bitcoin. In addition, the company is working on a non-fungible token ownership confirmation (NFT) module.
“Twitter understands cryptocurrencies, as demonstrated by the early integration of Bitcoin payments and NFT authentication,” said division chief Tess Rinearson. “There is still so much room to help people participate in the emerging, decentralized internet directly from Twitter.”
Rinearson will also support the Bluesky program, in which Twitter is exploring ways to decentralize social media. The company intends to prepare a single standard, based on which developers could create applications compatible with each other.
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