Twitter

Twitter No Longer Working On Crypto Wallet

  • Social networking platform Twitter has dumped its plans to develop a crypto wallet under its structural changes and has also fired 3,700 employees from the now-private firm.
  • Blogger Jane Manchun Wong was the first to uncover that Twitter was developing a cryptocurrency wallet with deposit and withdrawal capabilities and that the wallet could soon be announced.
  • As soon as the news about the cancellation of crypto wallet plans broke out, Musk’s favorite cryptocurrency Dogecoin dropped by around 10.5%.
  • Musk has also been sued in a San Francisco federal court for firing 3,700 employees on Friday.

Social networking platform Twitter, which has been recently acquired by Elon Musk, has reportedly dumped its plans to develop a crypto wallet under its structural changes.

According to a Thursday’s report by Platformer, the recently revealed plans to develop Twitter’s crypto wallet “appears to be on pause.”

Though the social media giant made no official announcement, Blogger Jane Manchun Wong was the first to uncover that Twitter was developing a cryptocurrency wallet with deposit and withdrawal capabilities. 

As soon as the news about the cancellation of crypto wallet plans broke out, Musk’s favorite cryptocurrency Dogecoin dropped by around 10.5%. However, the cryptocurrency is currently down by 4.25% in the past 24 hours and is trading around $0.1238, according to data by BitcoinWisdom.

Additionally, following the announcement of acquisition of Twitter, DOGE community went positive and expected the world’s leading meme coin to become the next big coin in the market due to Musk’s affection for it. Traders predict that the new Twitter boss could decentralize the social media site and make DOGE an official currency, enabling the meme crypto coin to be used for transactions.

The news that Musk would be acquiring Twitter led Dogecoin (DOGE) prices to soar to their highest levels since April. As of right now, Dogecoin is the biggest memecoin by market cap and eighth-largest cryptocurrency in general.

The Dogecoin community expected Elon Musk, one of the DOGE token’s largest supporters, would make favorable adjustments to benefit the “people’s cryptocurrency.” While the platform has put development of the “prototype wallet” on hold, it has announced a brand-new service called NFT Tweet Tiles that enables users to buy and sell NFTs via tweets.

It is important to note that NFT Tweet Tiles was launched in partnership with the largest Solana-based NFT marketplace Magic Eden, multi-platform NFT marketplace protocol Rarible, consumer-focused Flow blockchain creator Dapper Labs, and sports-focused platform Jump.trade.

Now-private Twitter will inform employees on Friday if they have been fired by Elon Musk. The employees who are unaffected, on the other hand, will be informed about the same via their work emails.

Under its new owner, Twitter is going through a number of changes and redesigning. Interestingly, General Partner at the well-known venture capital firm Andreessen Horowitz (a16z) Sriram Krishnan recently revealed that he will be assisting Musk to revamp the social media platform.

Interestingly, it is also a fact that on Friday, Elon Musk fired 3,700 employees from the now-private social media platform and for doing so, has been sued in a San Francisco federal court.

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Parth Dubey Verified

A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.

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