Following the purchase of Twitter by Elon Musk – another piece of news arrived that ties the cryptocurrency community with one of the largest social media platforms.
According to Jane Manchun Wong, a renowned software frontend developer, a new web3-based crypto wallet for the social media giant is in the works.
“Twitter is working on a ‘wallet prototype’ that supports ‘crypto deposit and withdrawal,’” the developer wrote in a tweet.
However, no official confirmations was been made regarding the new Web3 project so far.
As Wong informs, the wallet is supposed to handle deposits and withdrawals, although initial token support is unknown, among other things. As a result, there is no set timeframe for getting confirmation or more information.
Twitter has made a determined attempt to be present in crypto, following in the footsteps of previous co-founder and CEO Jack Dorsey, which has been carried on by current CEO Parag Agrawal.
Twitter has introduced a number of new cryptocurrency-related services in recent years. It will begin accepting bitcoin tips in September 2021. In November 2021, it began integrating web3 dApps. In January, it began enabling users to use NFTs as profile photos.
Of course, Twitter has sought crypto participation through methods such as hexagonal profile pictures for NFT holders. However, social media endeavors have rarely achieved significant success thus far, though recent projects such as Reddit’s avatar NFT integration have done well.
Twitter in The News
The reports come at a complex moment for the corporation, with the more than likely acquisition by Elon Musk on the horizon – and a lot of speculation around it.
According to recent reports, Elon Musk is set this week to conclude his negotiations with the Twitter board of directors and finally buy out the company for good.
Elon Musk agreed to return to his original plan to buy Twitter for $44 billion for $54.20 per share in order to turn it into a “digital town square.”
Also, the billionaire promised to remove all bots from the site as well as make a lot of changes, notably in the area of micro-transactions.