Twitter launches crypto team in decentralisation push
Twitter is taking a further leap into the crypto space by launching an in-house crypto team led by Tess Rinearson.
In a thread posted to Twitter, Rinearson revealed what the new team will be getting up to with the development of decentralised apps high on the priority list. The workgroup will also explore the promise of “decentralized social media” which could see social networks like Twitter operating independently on the blockchain with users responsible for governance.
“First, we’ll be exploring how we can support the growing interest among creators to use decentralized apps to manage virtual goods and currencies, and to support their work and communities,” Rinearson said.
“Looking farther ahead, we’ll be exploring how ideas from crypto communities can help us push the boundaries of what’s possible with identity, community, ownership and more,” she added.
The social network’s founder and chief executive Jack Dorsey has taken multiple opportunities to signal his support for crypto and blockchain technologies, including by changing his Twitter bio to ‘#Bitcoin.’
Embed from Getty ImagesIn September Twitter launched a crypto tipping function and the company has also been experimenting with tools to allow users to showcase their NFTs on the platform.
Twitter is far from the first social media site to recognise the potential of crypto assets. Discord has teased plans to integrate crypto into its site while Reddit wants to support the creator economy with the launch of an NFT platform.
Earlier this week Alexis Ohanian, co-founder of Reddit, teamed up with the venture arm of the Solana Labs blockchain for a $100m investment initiative in decentralised social networking.
Rinearson described Twitter as being at the cutting edge of blockchain technology.
“Twitter ‘gets’ crypto,” she wrote, adding that the network is poised to “help shape the future of decentralized social media.”
Rinearson will be working closely with BlueSky a team of engineers and Twitter staffers who are developing a new decentralised standard for social media.
Previously Rinearson worked at the Interchain Foundation, which focusses on building open-source infrastructure for many leading blockchain networks, including Cosmos. She studied computer science at the University of Pennsylvania and Carnegie Mellon University, but dropped out to join the early team at Medium.
News of the new hire comes amid a slump in Twitter’s share price. Stocks are down 4.25 per cent this year to date and yesterday slid 0.22 per cent.
Read more: He saw it coming: Prince Harry claims he warned Twitter CEO ahead of US Capitol riots