11/4/2022 | Watcher Guru
Twitter pauses Crypto Wallet development: DOGE crashes
Ever since Elon Musk acquired Twitter, a host of structural changes have been implemented. Right from top executives being fired, to changing the designation on his bio to ‘Twitter Complaint Hotline Operator,’ Musk has been playing the game with his own scripted rules.
Towards the end of October, researcher Jane Manchung Wong tweeted out developing details about Twitter’s potential plans to launch a crypto wallet. She stated that the platform was working on a “wallet prototype” that supported “crypto deposit and withdrawal.” However, no other revelations were made.
Wong, as such, tested an array of tech products and new features on social media platforms, including the Twitter edit button for Twitter Blue members.
However, per the online publication Platformer, brakes have now been applied. The report noted,
“A recently revealed plan to build a crypto wallet for Twitter appears to be on pause as well.“
Musk has time and again opined on how it was logical to incorporate digital payments on the network to facilitate direct transfers within Twitter. In June, during his first meeting with Twitter employees, he said that “it would make sense to integrate payments into Twitter so that it’s easy to send money back and forth, and if you have currency as well as crypto.” He added,
“My goal would be to maximize the usefulness of the service—the more useful it is, the better, And if one can use it to make convenient payments, that’s an increase in usefulness.”
Dogecoin investors did not take the latest development well. Per data from CMC, the largest meme coin was trading at $0.1188 at press time, after noting a decline of 10.06% over the past 24 hours.
The Platformer report also revealed that more planned changes were in the pipeline for Twitter. While some are in their “exploratory changes,” the report noted that the “mercurial” Musk could change his mind about them.
The report further revealed,
“The Blue team has reportedly been told to finish writing code for paid verification on Saturday, with plans to launch on Monday. The product formerly known as Super Follows, which lets creators put some of their tweets behind a paywall, is set to relaunch as “subscriptions” on November 11.“
Per Platformer, Twitter’s Notes product has also been put on an indefinite pause. Alongside, Revue—the newsletter platform that Twitter acquired in early 2021—is “scheduled to be shut down by the end of the year.”
In fact, per internal Slack messages reviewed by Reuters, Musk has also ordered Twitter to slash its yearly infrastructure cost by $1 billion.