On November 10, 2021, the Financial Times reported that Twitter had hired Tess Rinearson to lead the company’s Crypto Unit. According to the report, the social media giant had decided to form a team to guide the future of crypto at the company.
Twitter Is Creating A Crypto Unit
Tess Rinearson confirmed the news on Twitter. She tweeted that she had been hired to lead the company’s crypto unit, which would focus on crypto, blockchains, and other decentralized technologies beyond cryptocurrencies.
I’m thrilled to share that I’ve joined Twitter, to lead a new team focused on crypto, blockchains, and other decentralized technologies—including and going beyond cryptocurrencies.✨ pic.twitter.com/HaP0k5hUOq
— Tess Rinearson (@_tessr) November 10, 2021
According to Rinearson, as she builds the team, she will try to figure out what crypto can do for the social media platform. Besides that, the team will look into what Twitter can do for crypto. For instance, Twitter already supports tipping creators on the platform using Bitcoin. Rinearson stated that Twitter “gets” crypto.
The team’s first mission will be to explore how they can support the growing interest among creators to use decentralized apps to manage virtual goods and currencies. They will also look into how they can support their work and the communities behind them.
Twitter Is Doubling Down On Decentralization And NFTs
In December 2019, Jack Dorsey, the Twitter CEO, revealed that the social media giant was working with a small team named Bluesky that would focus on creating decentralized standards for social media. Since then, not much has been heard regarding the team. Part of that might have to do with the COVID19 pandemics that put a lot of things for a lot of companies on hold throughout 2020. However, it would appear that the company is not relenting when it comes to cryptocurrencies, NFTs, and the blockchain.
They have made various decisions and announcements, which show Twitter believes that cryptocurrencies and the blockchain are the future. Jack Dorsey, the company’s CEO, has invested a lot in this belief. He is the CEO of Square, whose Cash App supports Bitcoin transactions.
Dorsey has revealed that Square plans to invest more in Bitcoin through the creation of a hardware wallet to store Bitcoin. The reason for this was that BTC transactions had become profitable for the company. According to Dorsey, the solution would not necessarily need to be owned by Square. He noted at the time that if they did create such a wallet, it would be entirely in the open, in terms of software and hardware. It would be created in collaboration with the community. The Square CEO added that they wanted to do it the right way “by sharing some of our guiding principles.”
Why This Matters
Why crypto, NFTs, and blockchain technology represent a decentralized future, having a CEO of a major social media firm that understands crypto is a plus. Dorsey has demonstrated many times his willingness to provide back for the crypto industry and a decentralized future in general. Twitter’s backing and investment in research aimed at the crypto and blockchain industry could help to bring working solutions for the masses to market earlier and more efficiently.
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