Twitter launches a cryptocurrency team


iamaliuyar |

Faeyah Muhammad

Twitter Inc. established a cryptocurrency team by the name of “Twitter Crypto” with the incentive of transitioning toward the adoption of cryptocurrencies as a regular means of trade and payment just like cash. Software engineer Ted Rynearson was hired to lead this team and push forward strategies that help integrate blockchain technology into the company’s platform.

Although the team is reluctant to provide intricate details and information on their plan on pursuing cryptocurrency, they gave implications of their interest in digital currencies. The company sees “an opportunity to help creators participate in the promise of an evolving, decentralized internet directly on Twitter,” a spokeswoman for Twitter explained.

Twitter adopted the use of cryptocurrencies on its platforms in contemporary ways by allowing users to receive tips with Bitcoin. Twitter CEO Jack Dorsey has been a long-time fan of Bitcoin,and his interest in cryptocurrencies is even more evident when examining the trades he has made. Dorsey sold his first tweet as a nonfungible token for about $2.9 million earlier, which further demonstrated his interest in incorporating cryptocurrencies into his company as it is slowly but surely integrated into the economy and among average people’s methods of trade.

Blockchain and crypto are unlocking new possibilities that align with our big product bets, including creator monetization and new forms of self-expression,” another Twitter spokesperson told Fox Business. This suggests that the company has new ideas as to how it can expand the platform’s reach and develop additional strategies to further engage users.

A definite reason why cryptocurrencies are sparking interest among investors and companies is the competitive numbers cryptocurrencies are trading at. Bitcoin, the largest cryptocurrency, recently traded at an all-time high of $68,990.90 per each individual coin. Additionally, the cryptocurrency market is now worth more than $3 trillion, demonstrating the powerful influence of these digital assets. This is more evident when reviewing past performance, as the market has already quadrupled from its 2020 year-end value.

Dogecoin and Shiba Inu are examples of “meme coins” that are also attracting consumer attention. Ethereum and Solana are leading tokens that trail behind Bitcoin, which currently has the greatest influence and value.

The value of these coins, however, is heavily swayed by public opinion. Leading business figures such as Elon Musk are able to sway the price of cryptocurrencies through a single tweet. Musk, who has expressed his reluctance to invest in Bitcoin due to ethical and monetary issues regarding the mining of the coin back in May, which caused the price of Bitcoin to drop to its lowest level since February.

The integration of digital currencies into the American economy as a means of trade is starting to take hold. The Twitter Crypto group is a result of the further use of cryptocurrencies in everyday lives. Each development that comes from Rinearson and his team’s work is something readers should continue to follow.