The rapidly growing cryptocurrency market is catching the interest of many companies, including Twitter (TWTR) -2.55%. According to the Financial Times, the company is launching a team called Twitter Crypto, which will be responsible for “all things blockchain and web3”, including decentralised apps.
The person responsible for the crypto strategy will be Tess Rinearson, who will work under CTO Parag Agrawal. "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," she posted on her Twitter account. (Business Insider, 2021)
Rinearson has experience with decentralised technologies already, as she previously worked at Interchain, a decentralised technology development company, and Interstellar, a decentralised cryptocurrency wallet and exchange.
Rinearson's appointment comes at a time when major technology companies are grappling with how to move forward with web3. It will be inherently decentralised, unlike web2, the Internet as we know it today.
Additionally, Tess Rinearson will be part of Bluesky, Twitter’s engineering team that is working on a new decentralised social media network.
The CEO of Twitter, Jack Dorsey believes that crypto is the future, especially Bitcoin (BTC) -2.43%: "Bitcoin changes absolutely everything.” […] "I don't think there is anything more important in my lifetime to work on" said Dorsey in the Bitcoin 2021 Conference. (Business Insider, 2021)
Both of his companies Square and Twitter have recently taken steps to develop into the digital asset ecosystem. In September, Twitter released a feature that allows its users to tip in Bitcoin in some areas and said that the users would soon be allowed to “authenticate their non-fungible tokens on the platform”. (Business Insider, 2021)
In August, Dorsey announced that he is planning to create a decentralised Bitcoin exchange through TBD, a venture that is a part of Square. Dorsey is also considering building a Bitcoin mining rig.
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*Percentage taken on 11.11.2021 at 10:48
*Lee, Isabelle (10 November 2021). Business Insider: Twitter is launching a dedicated crypto team to work on blockchain applications and Web3. Last viewed on 11.11.2021 on https://markets.businessinsider.com/news/currencies/twitter-crypto-team-web3-decentralized-applications-bitcoin-square-jack-dorsey-2021-11
