own virtual currency development
Twitter Inc. might be making Twitter Coin, which is its own currency. The account that was leaked has already been closed.
Since nothing official has been said about Twitter Coin, it’s hard to know if it’s real or not, but if it were made, it would be used for tipping functions that work with crypto assets (virtual currencies). So, Twitter Coin might be a form of virtual currency.
Jane Manchun Wong, a security researcher who shared the information about Twitter Coin, gave the following explanation to “The Block,” a news outlet that is affiliated with CoinPost:
The source code of the latest version of the Twitter web app is where the information comes from.
But Twitter Coin hasn’t been released yet, and there hasn’t been a formal announcement, so there isn’t much accurate information. It’s also not clear if it’s being worked on actively right now.
Wong’s Twitter account and the LinkedIn account he used to talk to The Block have been deleted since he shared this information. However, other Twitter users have posted images like the ones below, which makes things more complicated.
Twitter’s business with virtual currency
Elon Musk bought Twitter, and he has said he would like to add more cryptocurrencies to the service. During a question-and-answer session with Twitter employees in June of this year, he said, “Users would find it convenient wherever they were if they could use cryptocurrencies and money.”
He is also known as a Dogecoin supporter (DOGE). After the acquisition was reported, DOGE was bought because people thought it would be used in Twitter-related services.
Mr. Musk is focusing his attention on economic functions. He has cut a lot of jobs and is still looking at Twitter’s business. Last month, it was also discovered that the company had asked the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) for permission to run a business that transfers money..
On the other hand, there were rumours last month that Twitter’s plans to make a cryptocurrency wallet would be put on hold. It has also come out that Tess Rinerson, who was in charge of the company’s cryptocurrency team, has left.