Twitter Is Reportedly Developing a Cryptocurrency Wallet

Throughout the course of this week, Twitter will continue its efforts to solidify its position as a leader in the web3 market. It has been rumored that a new cryptocurrency wallet built on web3 is now being developed for the social media corporation. These reports initially emerged from a well-known software frontend developer named Jane Manchun Wong.

Speculations and Facts about Twitter’s Future Release

Wong made his first reference to the product on Monday at about midday, and he did so via Twitter. 

Twitter is working on a “wallet prototype” that supports “crypto deposit and withdrawal”

— Jane Manchun Wong (@wongmjane) October 24, 2022

Wong points out that the wallet will presumably allow for deposits and withdrawals. However, whether or not tokens will be initially supported is uncertain, as are many other specifics. Therefore, there is currently no foreseeable schedule for when we might receive confirmation or additional context.

Regarding this topic, the social media company in question has not issued any formal proof or made any remarks about it. 

Following the lead of former co-founder and CEO Jack Dorsey and followed by current CEO Parag Agrawal, Twitter has made significant efforts to establish a foothold in the cryptocurrency market.

Analyzing the Big Picture through a Twitter Lens

A prospective upcoming takeover led by Elon Musk is on the company’s near horizon, and there is a lot of controversy surrounding it, which has sparked rumors. Obviously, Twitter has tried to get people interested in cryptocurrencies by offering perks like hexagonal profile pictures to anyone with NFTs.

There have been some notable successes in social media, such as Reddit’s avatar NFT integration. However, generally speaking, social media initiatives have not had much success up to this point.

But while cryptocurrency wallets are widely considered a growth area for blockchains, social media networks have mostly been overlooked in this regard. After about a year of development, the Novi project at Meta (formerly Facebook) has been terminated due to its dismal failure.

That happened after other projects like Diem (which used to be called Libra) failed in the same way. In other places, crypto veterans have mostly turned to Metamask because it is easy to use and works well. However, there are still some unfulfilled customer demands, both in terms of how it works and looks.

If the rumor about Twitter developing a wallet turns out to be true, it shouldn’t come as a surprise. However, only time will tell if Twitter can demonstrate that it’s not just about being the first to market.