Twitter has announced that it is setting up a dedicated crypto team, called Twitter Crypto, that will be exploring decentralized apps.
The social network platform told Financial Times that it has hired Tess Rinearson to lead the new team and set the strategy for the future of crypto at (and on) Twitter. “I’m thrilled to share that I’ve joined Twitter, to lead a new team focused on crypto, blockchains, and other decentralized technologies—including and going beyond cryptocurrencies,” Rinearson tweeted.
The company said, “We’re exploring ways to incorporate decentralised technologies into our products and infrastructure.” It added that in the short term it was exploring payments, ways for people creating content to earn crypto, and the decentralisation of social media.
Rinearson also shared on Twitter that: “First, we’ll be exploring how we can support the growing interest among creators to use decentralized apps to manage virtual goods and currencies, and to support their work and communities. Looking farther ahead, we’ll be exploring how ideas from crypto communities can help us push the boundaries of what’s possible with identity, community, ownership and more.” She added that her team would be working closely with BlueSky, an open-source project the company first announced in 2019 to build a decentralized standard for social media.
According to the company, Twitter Crypto is all about decentralizing social media and even reportedly allowing content creators to earn crypto. The team is also in place to be a center of excellence for all things blockchain and Web 3.
This was done under former Twitter’s CEO, Jack Dorsey, who is a renowned Bitcoin enthusiast and has been saying for a long time that he wants to integrate crypto into Twitter’s future. Back in September, the company announced that it was introducing a tool that will allow users to send tips to other users for their content using Bitcoin.
Twitter also said it was in the process of creating a product that will verify NFTs, which some users carelessly use as their profile pictures.