Twitter has announced that it is building a department that will be dedicated to everything related to blockchain technology. The section, which will bear the name Twitter Crypto, will be tasked with designing the company’s strategy in the cryptocurrencies and NFT assets sector.
Its objective is to channel the growing interest shown by its users towards these digital assets. At the same time, Twitter wants to explore how the dynamics and ideas of the crypto world can help develop and strengthen a community with its own identity.
The announcement comes less than two months after Twitter first launched cryptocurrency tipping for its users through the Lightning Network using the Strike app. The platform’s approximately 200 million daily active users also have the option to add a Bitcoin address directly to their profiles.
In fact, Twitter has been showing signs of interest in this area for months now. Last September, for example, it made its first foray into the world of cryptocurrencies. Since then, Twitter has allowed its users to send and receive tips in Bitcoin. With this update, any user has access to this tipping system and can make donations through apps such as Venmo, Cash App, Bandcamp or GoFundMe.
This Twitter department will work closely with Bluesky, which is an independent platform founded by Twitter to study how to adapt the social network to a decentralized and open environment.
As Twitter has long advocated, a decentralized social network model could help reduce the spread of misinformation and fake news. Blockchain technologies can help the platform move towards this model.