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Tag: Twitter

  • Twitter Is Reportedly Expanding Its Crypto Products Lineup With Blockchain Wallet

    Twitter Is Reportedly Expanding Its Crypto Products Lineup With Blockchain Wallet

    Twitter app cover image

    Key takeaways:

    • According to blogger Jane Manchun Wong, Twitter is working on its own cryptocurrency wallet product
    • The wallet, still in prototype stages, will reportedly support deposits and withdrawals
    • Twitter has previously added several crypto-focused features, including BTC and ETH tips, as well as NFT functionality

    The wallet is currently in the prototype stages of development

    Prominent blogger and hacker Jane Manchun Wong has revealed that Twitter is working on a “wallet prototype” that will support both cryptocurrency deposits and withdrawals.

    While Wong didn’t share any additional information in a tweet made on October 24, she did add that she will do so when “more information becomes available.”

    Wong, who earned her fame by uncovering hidden features buried in the code of some of the more popular online products and services, has, among other things, correctly predicted that OpenSea would be adding support for Solana in January. While OpenSea initially refused to comment on her findings, the world’s largest NFT marketplace did ultimately integrate Solana a few months later. 

    The social media giant keeps expanding its crypto presence

    The news of Twitter working on its own crypto wallet shouldn’t come as a surprise – the San Francisco-based social media company has launched several crypto-focused features in the last couple of years.

    In January 2021, Twitter introduced a non-fungible token (NFT) specific feature that allows NFT owners to display their digital collectibles as their profile pictures. A month later, the company launched the Ethereum tipping functionality.

    Last September, the company rolled out Bitcoin tips through the Lightning Network, enabling Strike wallet users to send BTC to each other much more efficiently than what is possible on Bitcoin’s Layer 1 blockchain.

    With Elon Musk’s $44 billion Twitter acquisition back on the table, Twitter could be adding even more crypto features in the future. Tesla billionaire has, on numerous occasions, floated the idea of integrating Dogecoin into the Twitter platform in some capacity.

  • Binance Commits $500 Million to Help Elon Musk in His Twitter Takeover Bid

    Binance Commits $500 Million to Help Elon Musk in His Twitter Takeover Bid

    Key takeaways:

    • Cryptocurrency exchange Binance will help finance Elon Musk’s Twitter acquisition with a $500 million equity investment
    • Tesla CEO is looking to acquire the social media giant for roughly $44 billion and take it private
    • The price of Binance’s BNB token hit a multi week high on the news but quickly retraced to lower price levels

    “A small contribution to the cause,” remarks Binance CEO Changpeng “CZ” Zhao

    Binance, the world’s largest cryptocurrency trading platform, committed $500 million to help Tesla CEO Elon Musk take social media giant Twitter private, according to the new SEC filing. The CEO of Binance, Changpeng “CZ” Zhao, stated in a Tweet on Thursday that the sizeable investment is a “small contribution to the cause.”

    Twitter’s board unanimously approved Musk’s $44 billion takeover offer last month, which will see Twitter shareholders receive $54.20 for every Twitter stock they own. The all-cash deal is expected to close later this year.

    In addition to Binance, Sequoia Capital, which launched a $600 million crypto-focused venture capital fund earlier this year, committed $800 million in equity to help finance Musk’s Twitter acquisition. 

    The news of Binance’s investment pushed the price of the platform’s native BNB token to a multi-week high of $414. However, the rally was short-lived, as the coin quickly retraced below the $400 mark and is trading in the $370 region at press time.

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  • Elon Musk to Buy Twitter for $44B, Dogecoin Jumps 30%+ on the News

    Elon Musk to Buy Twitter for $44B, Dogecoin Jumps 30%+ on the News

    Key takeaways:

    • Twitter has agreed to tech billionaire Elon Musk’s cash offer of $54.2 per share
    • Musk intends to take the social media giant private and promote free speech
    • Dogecoin gained over 30% on the news amidst speculation of a potential Twitter integration

    Twitter’s board agrees to Musk’s $44 billion offer

    Twitter (TWTR) has agreed to Tesla and SpaceX CEO Elon Musk’s offer to acquire the social media giant and turn it into a private company. Per Monday’s press release, Musk will pay $54.2 in cash for each share of Twitter stock, which represents a massive 38% premium compared to Twitter stock’s value on April 1, 2022. 

    Musk, who is himself an avid Twitter user with 84 million followers on the platform, repeatedly expressed in recent weeks that he is buying the social media giant to promote free speech. The tech billionaire reiterated his stance on Monday.

    Musk added that “Twitter is the digital town square where matters vital to the future of humanity are debated,” and wrote that he wants to improve the platform with new features, open-source algorithms, and removal of the spam bots.

    Dogecoin jumps more than 30% on the news

    Cryptocurrency investors flocked to Dogecoin (DOGE) in the hours since the acquisition deal has been finalized, facilitating $9.5 billion in trading volume in the last 24 hours. Only Bitcoin, Ethereum, and Tether have had a higher trading volume in the same time period. While no official announcement has been made, Musk did float the idea of his favorite crypto being used for Twitter’s Blue premium service earlier in the month, which could be one of the catalysts for the rally.

    24-hour Dogecoin price chart.

    At press time, DOGE hit its monthly high of $0.1622 on the tailwind of over a 30% 24-hour upswing. Thanks to the big price increase, DOGE surpassed Avalanche (AVAX) to become the 10th largest crypto by market capitalization. With a circulating supply of over 132 billion tokens, DOGE’s market cap currently stands at $21.5 billion.

    It is worth noting that Twitter has integrated several crypto-focused features in the last year, including NFT profile image verification tools, Lighting Network-facilitated Bitcoin tips, and support for Ethereum tipping functionality.

    Buy/Sell DOGE
  • Twitter is Adding Support For Ethereum Tips

    Twitter is Adding Support For Ethereum Tips

    Roughly five months after the social media giant first unveiled in-app support for Bitcoin tips, Twitter is adding support for Ethereum wallets, meaning mobile users will soon be able to use their Ethereum funds to send tips on the platform.

    Key takeaways:

    • According to Twitter, the new service doesn’t offer support for Ethereum Name Service (ENS), which is a decentralized naming system for Web3 service built on the Ethereum chain.
    • Speaking to TechCrunch, a Twitter spokesperson said the company is “excited to incorporate Ethereum in addition to Bitcoin payment in Tips, enabling more people to participate in the digital economy with as little friction as possible.”
    • Twitter has been deepening its commitment to blockchain solutions as of late. Last month, the company launched NFT profile pictures, allowing NFT owners to showcase their digital collectibles to other users. 
    • The news of Twitter adding support for the world’s second-largest crypto didn’t leave a mark on the price of ETH – the token has been facing considerable selling pressure in the last 24 hours and is trading at $2,973 at press time, down 3.56% for the day.
    Buy/Sell ETH
  • Jack Dorsey’s Square is Rebranding to Block, Exhibiting a Shift Towards Blockchain

    Jack Dorsey’s Square is Rebranding to Block, Exhibiting a Shift Towards Blockchain

    Key takeaways:

    • The announcement of Square’s rebranding to Block comes two days after Jack Dorsey stepped down as Twitter CEO
    • The new name will serve as an umbrella for different businesses owned by digital payment company Square
    • Square owns more than 8,000 BTC, which is the fifth-largest stash of BTC owned by any public company

    Square, one of the more popular digital payment services, will be changing its name to Block. The announcement came only two days after Jack Dorsey announced his resignation as Twitter CEO, which led many to believe Dorsey will get more heavily involved with crypto going forward.

    The new name will tie together Square, Cash App, music streaming service Tidal, and Bitcoin-focused DEX project tbDEX

    According to Wednesday’s Twitter post from payment firm Square, the new name will bring several of Square’s core businesses under the same branding umbrella. The Cash App digital payment application, music streaming platform Tidal, and a Bitcoin-focused DEX and fiat-to-crypto bridge tbDEX will be tied together under “Block.” The rebranding is reportedly coming into effect on December 10.

    Dorsey, the majority owner of Square and its CEO, a staunch proponent of blockchain technology and a self-proclaimed Bitcoin maximalist, explained what the new name means for the company:

    “Block is a new name, but our purpose of economic empowerment remains the same. No matter how we grow or change, we will continue to build tools to help increase access to the economy.”

    The Square’s upcoming name change is reminiscent of Facebook’s rebranding to Meta, which showed the social media giant’s commitment to Metaverse development and a potential shift away from traditional social media services.

    Under Dorsey’s leadership, Square and Twitter have been bringing cryptocurrency to the masses over the years. Square, for instance, added support for buying and selling Bitcoin in January 2018. The decision proved to be a lucrative one for Cash App – the app’s BTC profits doubled year-over-year in the second quarter of 2021 and drove a whopping $2.7 billion in gross revenue.

    According to data from Bitcoin Treasuries, Square is currently in possession of 8,027 BTC (worth over $454 million at current market rates), the fifth-largest stash of BTC owned by any public company. Microstrategy and eclectic car manufacturer Tesla lead the charts with 121,044 BTC and 42,902 BTC, respectively.

    Image source: BuyBitcoinWorldwide

    In September, the social media giant Twitter added Bitcoin to the list of supported payments methods for its Tip Jar feature. The BTC tipping functionality is facilitated through the Lightning Network, a Layer 2 scaling solution built atop the Bitcoin network that lets users send BTC to each other much more efficiently than via Bitcoin’s Layer 1. 

    While many believed that Twitter would follow in the footsteps of Square and invest a decent portion of its capital in crypto assets, the company’s CFO, Ned Segal, denied the possibility of Twitter adding digital currency to its balance sheet. After Wall Street Journal reported Segal’s comments on November 15, the market responded with turmoil, which led to the total crypto market cap shrinking by 10% in a single trading day.

  • Twitter Users Will Soon be Able to Send and Recieve Bitcoin Tips

    Twitter Users Will Soon be Able to Send and Recieve Bitcoin Tips

    Key takeaways:

    • App developer and notorious leaker Alessandro Paluzzi found evidence in the code of the latest beta version of Twitter’s iOS app that BTC support is on the way
    • Just a few hours after the leak, Paluzzi findings were confirmed by Twitter’s product lead Kayvon Beykpour
    • Bitcoin will soon be listed among the supported payments methods for Twitter’s new Tip Jar feature

    Twitter seems to be laying the groundwork necessary for the implementation of Bitcoin tips into its new feature called Tip Jar. Mobile app developer and researcher Alessandro Paluzzi was the first to notice that the code in the latest version of Twitter’s iOS beta app adds support for Bitcoin. Soon after Paluzzi shared his findings on social media, Twitter’s product leader Kayvon Beykpour confirmed that the social media giant will indeed be adding Bitcoin support in the near future.

    What is known about the latest Bitcoin feature?

    Bitcoin will join Paypal, Patreon, Venmo, Bandcamp and Cash App as one of the supported payment methods that will let users make use of the Tip Jap functionality. While the date when users will be able to send and receive Bitcoin tips is yet to be determined, there is some information that was made public that describes how the new feature will work. 

    Here’s what the text from the beta app says:

    “Bitcoin is the world’s first widely-adopted cryptocurrency. It’s a new kind of digital money that lets people securely and directly send money to each other on the internet. The Lightning Network is a technical innovation that allows for faster payments with lower fees than Bitcoin’s primary network. We use Strike to generate Bitcoin Lightning invoices so you’ll need to connect your account to accept Bitcoin tips.”

    Twitter will be using Strike’s service in order to take advantage of the lighting network benefits, such as faster transactions and lower transaction fees when compared to transactions made directly on the Bitcoin network. This means that in order to use the new feature, a Strike account will be required.

    Jack Dorsey’s Twitter and Square fully embrace Bitcoin

    The latest news about Twitter adding Bitcoin support was to be expected. During Twitter’s Q2 earnings call, CEO Jack Dorsey took the opportunity to make his intentions about integrating Bitcoin into his companies’ products and services public for the first time.

    In the letter to its shareholders, Square’s Cash App listed Bitcoin as one of the main reasons for the company’s successful second-quarter performance. Integration of the world’s largest cryptocurrency in the platform’s offering was reportedly an important aspect behind Cash App’s continued success. The company stated that it considers BTC an integral part of its ecosystem.  During the quarter Bitcoin drove a staggering $2.7 billion in gross revenue.

    Jack Dorsey has repeatedly made his support for Bitcoin known. For instance, Dorsey appeared alongside another famous tech CEO Elon Musk at the event hosted by B Word Conference, where the pair agreed that Bitcoin and cryptocurrencies, in general, are the only viable antidote to the currently predatory banking system.

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