Twitter is reportedly developing its own crypto wallet

    26 Oct 2022

    Twitter appears to be on track to develop a cryptocurrency wallet feature, tech blogger Jane Manchun Wong says. This move could potentially turn Twitter into a full-fledged Web3 platform. Meantime, Elon Musk would reportedly be the new owner of Twitter by Oct. 28.

    According to popular tech blogger Jane Manchun Wong, the social media giant is currently working on a “wallet prototype “that will make it possible to deposit and withdraw cryptocurrencies.” The rumored addition of crypto wallets would potentially turn Twitter into a full-scale Web3 platform.

    However, there have been no official confirmations from the Twitter company on this matter. Correspondingly, there is no timetable around when we could hear any confirmation or surrounding details.

    Back last July, Jack Dorsey hinted at integrating Bitcoin into Twitter services and new features, including Twitter Tip Jar and Super Follows. Later in September, Twitter rolled out a feature that made it possible for users to tip content creators with Bitcoin. Then, Twitter-native cryptocurrency tipping also became available for Ethereum users in mid-February.

    Also, the social media platform allowed people to show off their NFTs as their profile pictures earlier this year.

    Meantime, Elon Musk would reportedly close the Twitter deal this week. The rumored Musk told his financial backers that the Twitter deal should be closed by Oct. 28.

    According to Bloomberg, Musk said during a video conference call on Oct. 25 that his acquisition deal with Twitter would be finalized this Friday. Musk’s conference call was with the banking institutions providing funding for the acquisition. Musk is reportedly opening a $13 billion line of credit from them.

    The Tesla and SpaceX CEO renewed his Twitter buyout offer on October 4 for his original agreed-upon price of $44 billion; the company accepted shortly afterward. The new deal, which was set to the same terms as the previous one, came after months of turmoil between both parties. Musk had previously accused Twitter of lying about its user numbers, calling on the company to prove that less than 5% of its user accounts were fake, and eventually pulling out of the deal. In return, Twitter sued Musk for breach of contract, seeking $1 billion in penalties.

    Leave a Reply

    Your email address will not be published. Required fields are marked *