Twitter, one of the most popular social media platforms, is building a new division, called Twitter Crypto.
In a statement, the social media giant said it has appointed Tess Rinearson to lead the division that will set the strategy for the future of crypto at Twitter.
Rinearson said on Twitter that her team would be working with Bluesky, an independent Twitter-funded effort to produce a decentralized social network standard.
Twitter’s iOS users have already been given the facility in September to send and seek tips for bitcoin, the world’s largest cryptocurrency. The company now seeking to incorporate decentralised technology into its products and infrastructure. It also announced to explore crypto payments for other features like its Ticketed Spaces, saying all people do not want to accept traditional currencies.
The social media company’s move comes amid the Web 3.0 movement, which is challenging Big Tech companies that store user data. While in the web3 ecosystem, decentralised applications run on public blockchains without collecting data by any one party.
Before Twitter, Reddit and Discord have also hinted to support web3 to explore ways to integrate with decentralised apps.
It is also essential to know the difference between centralised and decentralised apps. Centralised apps are controlled by a single company and are run by a single server. While decentralised apps are run by many companies or servers and are preserved from being crashed or hacked.
The company said Rinearson will work under Twitter chief technology officer Parag Agrawal, and the team will help drive Twitter’s push toward decentralizing social media.
Twitter CEO Jack Dorsey has been a vocal proponent of cryptocurrency, especially Bitcoin. In March, he displayed a Bitcoin clock while testifying before Congress and opened a new Bitcoin business unit for Square in July.