On October 24, established software developer Jane Manchun Wong posted a very interesting Tweet. Per his claim, Twitter is currently building a “wallet prototype” that will support “crypto deposit and withdrawal.”
Twitter has not officially confirmed or even mentioned this project as of now. Yet, it would seem a logical step for the social media giant as it tries to gain traction as a Web 3.0 frontrunner.
However, one key piece of missing information is which token(s) this claimed wallet would support. As for other important details, there is no estimated time as to when this feature may launch. After all, there is next to zero information that confirms this project is even underway.
What We Know So Far
As for current knowledge, there isn’t much. Former co-founder Jack Dorsey had a vision for Twitter to play a significant role in the crypto-verse. Current CEO Parag Agrawal has carried on this vision. Until now, experts have lauded crypto wallets as opportunities for blockchains, not so much for social media networks. However, that could change sooner rather than later.
This wallet tease comes at a time of upheaval for Twitter. Late on Thursday, October 27, Elon Musk officially finalized his purchase of the platform for $44 billion. Changing his Twitter bio to “Chief Twit,” Musk immediately fired CEO Parag Agrawal, CFO Ned Segal, and Vijaya, the chief of legal affairs and policy. He has announced that he will be cutting more jobs.
There could be yet another crypto-related twist in this Twitter wallet story. Musk is known to be a longtime supporter of Dogecoin. The co-founder of the meme coin, Billy Markus, tweeted earlier this year that his digital currency needed “more utility.” One of the points he mentioned in this context was using Doge as a “tipping currency.”
Enter Musk’s April proposal that users have the option to pay for Twitter Blue with Dogecoin. Could this be a hint of things to come?
Twitter and the Crypto Integration
Twitter has previously tried to generate crypto engagement with various features, such as NFT profile pictures.
In September of 2021, it launched a feature called Tips for iOS and followed it with Android support in November. This aptly named feature allows users to connect their Bitcoin or Ethereum wallets to their accounts. A third-party payment service lets supporters and followers “tip” other user accounts, and these tips can be made with crypto.
If Twitter is indeed working on a native wallet, it will eliminate the need for payment services. Based on Musk’s fondness for Dogecoin, it could become the default digital currency for a Twitter wallet.
Currently, Twitter is trying out a new option from the payment processor Stripe. This feature enables customers to send money through the Polygon platform built on Ethereum’s backbone.
The subsequent events are anyone’s guess. Perhaps, the most significant contributing factor to this development is Elon Musk’s Twitter takeover. The billionaire has previously commented that it “makes sense” to integrate crypto payments into the network. This logic, combined with his loyalty to Dogecoin, offers a glimpse into the feasibility of a native Twitter wallet.
For now, all the world can do is wait.