Twitter has set up an internal division to focus entirely on cryptocurrencies, blockchains and “other decentralized technologies.” The company says it will investigate exactly what cryptocurrencies can mean for Twitter, and vice versa.
Twitter’s new Crypto team will look at how it can cater to creators’ “growing interest” in using decentralized apps to manage virtual goods and currencies, said Tess Rinearson, the head of Twitter Crypto. The rest of the Twitter Crypto team is currently still being built.
Rinearson says the team will be working closely with another Twitter team, Bluesky, to “decentralize social media.” blue sky became in December 2019 founded for this purpose because the CEO of Twitter believed that decentralization could solve “major problems” of social media. For example, centralized moderation over the long term would not be scalable without overburdening people, the CEO wrote at the time.
In September, Twitter already added the option for users to tip creators in bitcoins. The platform also said it was already investigating ways to implement non-fungible tokens on Twitter profiles. However, according to Rinearson, there is “a lot more to explore” in the field of cryptocurrencies.