Jack Dorsey has never been one to shy away from his love of crypto. The Twitter chief executive remains one of the biggest crypto advocates in Silicon Valley.
This month, Dorsey and Twitter took their crypto advocacy a step further by announcing the launch of a new dedicated cryptocurrency team.
Launching Deeper Into Decentralization
Earlier this month, Tess Rionearson, a founder at the Interchain Foundation, announced that she would be leading a new dedicated crypto team at Twitter. The team - known as Twitter Crypto - will focus on exploring opportunities available with cryptocurrencies, blockchain technology, and decentralization. Rinearson explained that her team will also work closely with Bluesky - the decentralized social media platform that is currently in development by Twitter.
Speaking more on her plans, Rinearson explained that Twitter Crypto will first explore opportunities to support creators embracing crypto and blockchain. Twitter Crypto hopes to enable creators to use decentralized applications (dApps) to manage their products, get paid, and 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, pointing out that the team will be closely collaborating with Bluesky.
In her new capacity, Rinearson will report to Twitter‘s technology chief, Parag Agrawal. The company added that Twitter Crypto will hire team members who will push the company in a more decentralized manner. With massive interest from creators to use dApps to manage their products with dApps, Twitter hopes to capture the market.
Rinearson and her team will focus on these issues, with the long-term objective of exploring the uses of crypto for functions like community engagement, identity management, and so on.
Twitter’s All-Out Approach
Twitter Crypto is the latest pro-crypto move from Twitter in the past few months. Dorsey has been vocal about his support for cryptocurrencies, even though he has refrained from advising other tech companies to make the same move.
But, while Dorsey had been making pro-crypto moves, Twitter didn’t get into the industry until this year. Dorsey’s crypto acceptance has mostly been through his other company - payment processor Square. Square’s Cash App is one of the most popular peer-to-peer crypto platforms, and the company still has a larger percentage of crypto users than most other payment processors like PayPal.
All of this changed in September when Twitter launched a new feature allowing creators to be tipped in Bitcoin. Esther Crawford, the company’s staff product manager, announced at the time that Twitter will now allow creators to add links to some of their third-party payment apps - including Venmo, Cash App, Chipper Cash, Patreon, and more - to their Twitter bios and get paid.
Besides the traditional payment processors, Twitter also added support for the Bitcoin Lightning Network. Creators can even add their Bitcoin address directly to their profiles, with Crawford explaining that the company doesn’t take any percentage of the donations.
Twitter is also looking at adding Bitcoin for payments to Ticketed Spaces - a new feature that was also recently added.
As for Bluesky, Twitter has so far been pretty quiet about how the project is coming along. After Dorsey announced the project over a year ago, the company has been silently building it out. In August, Jay Graber, a renowned crypto developer, announced that she had joined the Bluesky project as its lead. Graber had been working with Twitter in an unofficial capacity for Bluesky, creating a technical review of the decentralized social environment for some developers in the space.
Graber previously worked on ZCash, one of the most popular privacy-focused cryptocurrencies on the market. Also, she became famous for building Happenin - a decentralized social network that was billed as the decentralized version of Facebook Events. But, after having issues gaining traction and convincing people of decentralization’s benefits, she quit.
With decentralization now being more of an attractive necessity, Graber has the opportunity to build something impressive with Bluesky. The decentralized social media platform has also started hiring professionals to fill some important roles, which is finally taking shape.
Regardless of how Bluesky turns out, it is quite obvious that Twitter is clearly moving forward with its embrace of blockchain technology and cryptocurrencies. This is necessary, especially in a period where social media platforms are switching their operation models.