Jack Dorsey, the co-founder of Twitter, has already integrated bitcoin into his payments company Square. The Cash application is developed for making transactions with cryptocurrency. In addition, Square holds thousands of bitcoins on its balance sheet, worth over $ 350 million, based on the most recent BTC price. Dorsey is now expanding features related to the first cryptocurrency to its social media platform Twitter.
Twitter’s new tool gives users the ability to link to payment platforms including the Cash app, Venmo and others. Now subscribers can not only like their favourite tweets, but also wire cryptocurrency to the author’s account. The feature is called “Tips” and it involves tipping.
The new service is planned to be integrated into the application for mobile devices, first iOS and then Android.
Twitter currently supports the following payment platforms:
- Cash App
- Wealthsimple Cash
The company also said it would not cut its tip payments to authors. The stock price jumped immediately, rising by 4% within a day to nearly $ 67.
Twitter is also integrating bitcoin payments through Strike, which in turn uses the Lightning Network. It is built on the blockchain and provides real-time transactions. To be able to receive payments in cryptocurrency, users must create a Strike account. Transactions can be made from any Lightning Bitcoin wallet.
Brian Armstrong, CEO of Coinbase, called Bitcoin payments on Twitter “huge”, saying it’s only a matter of time before other social media platforms follow him. He pointed to Reddit, which is developing in the same direction.
The management of one of the most popular social networks does not plan to stop there and is exploring the possibility of adding support for non-removable tokens, for example, Ethereum. The crypto community is already known for adding NFT as their profile picture on Twitter accounts, showing anticipation and welcoming innovation.
Twitter also wants to add an NFT authentication feature for the creators of these popular digital assets. Dorsey is a bitcoin proponent, although most NFTs are Ethereum-based. He has already participated in the foundation of a decentralized finance (DeFi) platform built on the bitcoin blockchain. Nevertheless, the Twitter crypto community is looking forward to expanding the list of available tokens.