Twitter’s own web3-based crypto wallet is currently underway, software frontend developer Jane Manchun Wong shared the update. Although there have been no official confirmations from the social media giant, the wallet, per Wong, is expected to support deposits and withdrawals.
The announcement also found no mention of any token support nor a timeline as to the launch date and relevant details.
Late in 2019, Twitter’s then-CEO and Bitcoin supporter Jack Dorsey announced that his firm had formed a small group of developers who were tasked with creating a decentralized social media protocol that could serve as the foundation of a new standard for online connectivity, free from corporate and governmental influence.
Twitter’s first significant foray into the crypto verse began it explored opportunities to integrate Bitcoin into its existing products and services, including commerce, subscriptions, and other new additions like the Tip Jar and Super Follows.
Dorsey has long been an ardent supporter of the king coin, but the specifics of how it would operate on Twitter’s infrastructure were not yet clear.
However, Dorsey has frequently praised the cryptocurrency in public, claiming that it makes him think of the “early days of the internet” and that he doesn’t have “anything more important” to work on.
Under his leadership, Twitter also collaborated with the online payments company Stripe to let businesses accept cryptocurrency payments from clients.
Twitter’s Web3 Bet And Scuffle With Doge Proponent
The social media behemoth formally introduced its cryptocurrency team in late 2021, saying it would work to become a center of excellence for all things blockchain and web3.
That said, Twitter’s latest initiative highlights its intention to lead the web3 industry. Currently, the micro-blogging site is embroiled in a contentious litigation process with DOGE supporter and Tesla billionaire Elon Musk.
In April, Musk agreed to purchase Twitter for $44 billion per outstanding share before attempting to scuttle the agreement a few weeks later citing concerns over bots on the site before including later claims made by a business whistleblower. In response, Twitter sued him to enforce the deal.
The $44 billion acquisition of the platform by Musk must be completed by 5 p.m. ET on October 28 or he will face a trial that was earlier postponed to enable the transaction to be completed.