Twitter might be working on its own crypto wallet prototype

With the massive adoption of cryptocurrencies and blockchain technologies by tech giants globally, the microblogging site, Twitter might also be tapping into this limelight.

According to the Software engineer, Jane Manchun Wong, a social bird very well known for her reports on soon-to-be-launched tech features, Twitter is currently working on implementing its own crypto wallet. She said that the project is still in its prototype phase.

The crypto wallet, according to Manchun Wong, will allow users to deposit and withdraw funds without relying on third-party services. Although, at the time of writing, no official notice or comment from the company has been made.

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Twitter, a huge supporter of blockchain technologies

While this is big news in the industry, it comes as no surprise given that the microblogging site has long been a backer of the cryptocurrency market and blockchain technologies.

The company has remained one of the most crypto-friendly platforms, especially with the several features the company has launched that allow users to link their already existing crypto wallets to their Twitter profiles.

If you recall, this feature was initially only compatible with Bitcoin addresses but was later expanded to include Ethereum addresses as well. Not long after, users were allowed to display their non-fungible tokens (NFTs) on their profile pictures.

Also, since August of this year, the microblogging site has been working on a “tweet tiles” feature with some well-known NFT markets such as OpenSea and Rarible. The feature is planned to allow Twitter users to distribute non-fungible tokens (NFTs) as well as collection objects (CTAs) on the platform.

Recall that Jack Dorsey also launched “Bluesky,” a new division, of the company. It is a research initiative focused on developing a decentralised social network protocol outside of the traditional company structure.

This essentially demonstrates the microblogging site’s support and interest in the future of emerging technologies.

This is a drastic switch from the platform’s stance 4 years ago when it banned ads for cryptocurrency-related products. The worldwide ban affected initial coin offerings (ICOs), cryptocurrency wallets,  and token sales. 

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How it is likely to work

Although Jane Manchun Wong did not provide any additional details about this new initiative, it appears like Twitter is attempting to become a full-fledged Web3 platform.

For the native Twitter crypto wallet, it is still one of those predictions for Twitter’s future. However, if this is implemented, this might be a breeze-through feature for users, especially when sending and getting tips and using the NFT profile image feature.

There would be no need to link or manage an external wallet as all the services are embedded in one platform.