Twitter is entering the crypto business, the company said while hiring the new lead for the crypto business, Tess Rinearson. Called Twitter Crypto, the company describes its new division as “a center of excellence for all things blockchain.” The company says that the new division will “set the strategy for the future of crypto at (and on) Twitter.”
Tess Rinearson, on Twitter, said that Twitter will continue to explore how it can “support the growing interest among creators to use decentralized apps to manage virtual goods and currencies and to support their work and communities.” After studying about the effects of such communities and the ideas around it, Twitter will explore “how ideas from crypto communities can help us push the boundaries of what’s possible with identity, community, ownership and more.”
Rinearson will directly report to Twitter’s CEO, Parag Agrawal, and will help the microblogging platform to set the direction for its crypto division. Rinearson has previously worked at cryptocurrency startups like Interchain, Tendermint, and Chain. Rinearson also announced that Twitter will work with BlueSky, an independent Twitter-sponsored effort to create a decentralized social media network standard.
In a press release seen by Engadget, Twitter said, “There’s massive and growing interest among creators to use decentralized apps to manage virtual goods and currencies – Tess will focus here, with a long term goal of exploring how ideas from crypto can help us push the boundaries of what’s possible with identity, community and more.”
What’s interesting is that the move comes shortly after Twitter started accepting Bitcoin tips.