A planned crypto wallet is reportedly on hold at Twitter following Elon Musk’s takeover of the company.
Musk previously teased Dogecoin integration on Twitter, telling employees that crypto payments would be a priority.
Very delighted in the crypto world when Elon Musk took over Twitter last week, as the Dogecoin Fanaticus’ tweets and leaked texts pointed to deeper blockchain integration within the social media platform. DOGE even doubled in price in the days after. But crypto may not be as big of a priority for Musk’s Twitter as some had hoped, based on new reporting.
On Oct. 24, just before Musk’s acquisition of Twitter, the tech geek noted Jane Manchun Wong tweeted that the company was working on a “wallet prototype” that would support deposits and withdrawals of cryptocurrency. Wong is known for reliable leaks part from Twitter and other tech platforms that have often proven correct.
On Thursday night, tech journalist Casey Newton of Platformer reports that plans have changed under Musk’s leadership. Newton wrote that “a recently revealed plan to build a crypto wallet because Twitter seems to be on hiatus.”
Twitter did not immediately respond to a request for comment Decrypt. The price of DOGE fell sharply after last night’s report—about 10% in a matter of a few hours—but has mostly recovered since then. At a current price of $0.128, it is still up 115% over the past 14 days.
DOGE rallied not only because of Musk’s long-shared love for the leading meme coin, although tweets from the self-proclaimed “Dogefather” often had a clear impact on the market price.
He did too teased intentions to integrate Dogecoin as a payment option on Twitter, similar to how Musk’s Tesla and The Boring Company accept DOGE payments to some extent. In a leaked transcript of a Q&A with Twitter employees in June, Musk continued pointed to crypto payments as a key focus going forward.
Elon Musk has also flirted with ways to create a blockchain-powered social media platform to replace Twitter, such as revealed by leaked texts with his brother, Kimbal. In April, the current CEO of Twitter proposed a platform that required small DOGE payments to post, but days later reversed himself, saying that “blockchain Twitter is not possible.”
Meantime, leaked texts between Musk and Twitter co-founder and former CEO Jack Dorsey—a noted Bitcoin maximalist and co-founder and current CEO of Block (formerly Square, Inc.) — revealed that Dorsey pushed Musk to turn Twitter into a decentralized protocol. Musk seemed receptive to Dorsey’s suggestions.
If Musk really wants to integrate crypto payments within Twitter, a wallet will be at the heart of that initiative. But if that plan is truly “on pause” for now, then deeper integration of crypto into Twitter may not be on the short-term roadmap.
The news comes at a time of dramatic change for Twitter following Musk’s purchase. Not only were top company executives quickly fired, but Twitter began what appeared to be widespread layoffs Thursday night, with reports that Musk plan to switch off around half of the 7,500 strong workforce at the company.
Twitter was also buzzing this week with discussions over Musk’s plan to make account verification widely available through a monthly fee through a revamped Twitter Blue subscription. The new plan will reportedly go into effect on Monday, November 7 and will cost users $8 per month.
Currently, users who meet certain criteria—including public figures, journalists, and government officials—can be verified for free. However, most of those users will reportedly lose their verification (and accompanying blue tick) within 90 days of the launch of the new model. The proposed plan has caused significant backlash and controversy from users.
Whether Musk’s Twitter makes crypto a priority remains to be seen, but at least one of the big backers behind the deal is pushing for it. Crypto exchange Binance put $500 million in the $44 billion purchase, hoping to help embrace Twitter Web3. Binance CEO Changpeng “CZ” Zhao did pushed its Binance Pay platform as an option for Twitter payments.
And if Twitter eventually doesn’t follow that path—or doesn’t do so soon—then Musk’s more crypto-focused supporters might move to one of the many decentralized and crypto-friendly ones. social media platforms have increased in recent times.
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