Will Twitter Release Its Own Crypto Wallet For Users?

Subh Rath

October 26, 2022

Leading tech blogger Jane Manchun Wong revealed to her Twitter followers that the social media behemoth is developing a prototype wallet for cryptocurrency deposits and withdrawals. 

According to Wong, the social media site plans to launch a cryptocurrency wallet, and it is currently developing a “wallet prototype” to handle “crypto deposit and withdrawal.”

Now the ability to tip content creators in cryptocurrencies like Bitcoin and Ethereum has been one of the many crypto-positive features that Twitter has been steadily rolling out. But what is ahead of this new take towards the Web3 world by Twitter?

Twitter’s Growth In the Past Year:

Twitter has rapidly adopted a pro-crypto stance over the past year and included features like tipping. Tips could be paid in cryptocurrency to any account on the social media platform using the option, which came into action in September of last year. This functionality was accessible through Cash App and other applications. In November, the platform also started the process of integrating Web3 apps.

Under the leadership of Tess Rinearson, a member of the council of the Interchain Foundation, a group has been assembled to collaborate and conduct research on crypto-related developments, blockchain technology, and decentralized applications. Their primary focus will be on blockchain and cryptocurrency research for the social networking website.

The Chief Executive Officer of Tesla, Elon Musk, is now in the midst of a contentious negotiation to purchase the microblogging site. The assistance of the largest cryptocurrency exchange in the world, Binance, and Sequoia Capital, an American venture capital firm, is being provided to the millionaire by these entities.

According to the sources who are acquainted with the subject, Binance intends to contribute a total of $500 million to the transaction, while the venture capital firm would spend approximately $800 million.

So Is It Really Happening? 

The well-known tech blogger Jane Manchun Wong recently revealed to her 139,900 cryptocurrency followers that Twitter is developing a prototype of a digital wallet that “will make it possible to deposit and withdraw cryptocurrencies.” The massive social media platform introduced a function in September 2021 that enables users to tip content creators with Bitcoin. 

Two years later, in February 2022, Ethereum was also a part of this rollout. Early in 2022, support for NFTs was added to Twitter, allowing users to replace the profile picture they had previously used with a piece of digital art.

It has yet to be officially confirmed whether or not Twitter will provide a cryptocurrency wallet. With this update, the microblogging and content creation platform might turn into a full-fledged web3 product if the new feature is implemented.

Wong is considered a reputable source because she claims that most of the information she uses is acquired in code that is freely accessible to the public. It is still being determined where Wong received the information. Twitter has not made a public announcement on a crypto wallet or an update to a feature, and the company has not commented on the matter.

What are your thoughts on this?