Cryptocurrency: Twitter forms crypto team for blockchain-based apps

Twitter is launching its own cryptocurrency team that will work on crypto payments, explore decentralized social media apps and create opportunities for monetization. Apparently, the group will be focusing on blockchain and other technologies.

According to Fox Business, Twitter named its new crypto team “Twitter Crypto” and they are expected to become a "center of excellence" for everything related to blockchain and cryptocurrency within the company. They will work together to formulate strategies for the future of crypto on Twitter.

It was revealed that the former vice president of engineering at Interchain, Tendermint, and Chain crypto startups, Tess Rinearson, will be leading and managing the Twitter Crypto team. Currently, the hiring of skilled employees to be assigned in engineering and product positions is ongoing. She will be reporting directly to Parag Agrawal, the company’s chief technology officer.

“I am thrilled to share that I’ve joined Twitter, to lead a new team focused on crypto, blockchains, and other decentralized technologies—including and going beyond cryptocurrencies,” Rinearson tweeted on Thursday, Nov. 11. “As I build out the team, we will be working to figure out what crypto can do for Twitter, as well as what Twitter can do for crypto. Twitter truly “gets” crypto (hello bitcoin tipping & NFTs!) but there is so much more to explore here.”

In a separate statement that was sent to Fox Business, Twitter said with regards to its new team: "Blockchain and crypto are unlocking new possibilities that align with many of our big product bets, including creator monetization and new forms of self-expression."

It was reported that some of the fields that the Twitter Crypto team will explore are crypto payments for ticketed spaces and Bitcoin tips. It will also work for decentralizing social media through Bluesky, a project funded by Twitter.

Finally, Twitter’s launch of its dedicated crypto team marks chief executive officer Jack Dorsey’s latest push to embrace digital assets and blockchain-based apps. The company’s CEO himself is also a known bitcoin enthusiast so it is no wonder, he is now mobilizing teams to integrate digital assets into the company’s social media platform.