This week, Twitter is continuing to make an effort to lead the web3 pack. A new web3 based cryptocurrency wallet is reportedly being developed for the social media giant, according to rumors that were initially made public by renowned software frontend developer Jane Manchun Wong.
On Monday around noon, Wong tweeted the first mention of the item:
Twitter is working on a “wallet prototype” that supports “crypto deposit and withdrawal”
— Jane Manchun Wong (@wongmjane) October 24, 2022
The social media corporation has not made any formal statements or mentions about the incident. As Wong points out, the wallet is anticipated to enable deposits and withdrawals, but initial token support and a host of other specifics remain unknown. As a result, there is no schedule for when we might learn any confirmation or related information.
Following the example set by former co-founder and CEO Jack Dorsey, which is being carried on by current CEO Parag Agrawal, Twitter has made a deliberate effort to be present in the cryptocurrency space (as Dorsey subsequently moved on to fintech firm Block).
The rumors surface when the company is going through a difficult moment, with a prospective acquisition led by Elon Musk on the horizon and a lot of controversy surrounding it.
Of course, Twitter has aimed to engage with the crypto community using strategies like hexagonal profile pictures for NFT holders. Although recent initiatives like Reddit’s avatar NFT integration have done well, social media endeavors have so far rarely generated significant success.