February 25, 2024

Twitter is developing a crypto group for the exploration of Web3 applications, as per the statements given by a person within the respective team.

Web3 is the further step in Twitter’s efforts for crypto

Twitter’s CEO, Jack Dorsey, has long been making efforts to incorporate blockchain technology and crypto into the well-known venue of social media. It was disclosed today that the firm is escalating to incorporate decentralized applications as well as Web3 with the platform thereof. The leader of Twitter’s crypto group will be Tess Rinearson, as revealed by her. No particular indication has been specified through the remarks she made regarding what would be the responsibility of the group. Nonetheless, Rinearson noted that the concentration of her team would be the crypto blockchains as well as the further decentralized technologies, including those beyond cryptocurrencies.

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She moved on to explain that the group would operate to assist the gradually escalating interest between the developers to utilize the decentralized applications to organize digital currencies as well as goods. She also described that the group would get education from crypto communities regarding ownership, community, and identity. She also focused attention on the former crypto efforts that Twitter has made, such as NFT support and Bitcoin tipping, suggesting that Twitter is certain to acquire crypto. Nevertheless, there is more than this to be explored here. Rinearson previously served at Interchain (the institution which was involved in Cosmos blockchain’s development) as VP of engineering. She additionally worked on a lightweight project of blockchain named Mina.

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Other crypto initiatives are taken by social media forums

Her group and Rinearson herself will operate in collaboration with Bluesky (a decentralization initiative started by Twitter to evolve social media), which would be led by Jay Graber (a former developer at Zcash). Rinearson stated that the two groups would assist in shaping social media’s decentralized future and ensure that Twitter remains on the newly emerging landscape of technology.

The news followed the announcement of a mutual fund of up to $100M which would be allocated by the VC firm of Alex Ohanian (the founder of Reddit) in association with Solana Ventures to support social media over the Solana blockchain. In the meantime, other platforms of social media such as Discord and Reddit seem to be developing extensive plans for crypto, which is garnering mixed responses on behalf of the public.

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