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Twitter May Have Stopped Working on Crypto Wallet: Report

Twitter May Have Stopped Working on Crypto Wallet: Report

Jane Manchun Wong, the famed tech blogger and reverse engineer, had revealed on October 25 about Twitter's development to create a crypto wallet.

Written by Radhika Parashar, Edited by Richa Sharma | Updated: 4 November 2022 16:19 IST

Twitter May Have Stopped Working on Crypto Wallet: Report

Photo Credit: Reuters

Elon Musk is expected to fire close to close to 3,700 Twitter employees as a cost cutting measure

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Highlights

Twitter is undergoing a bunch of changes under new CEO Elon Musk
The company has halted work on other features like ‘Notes’ as well
Crypto players are betting on Twitter for Web3 expansion

Twitter, under the leadership of its new billionaire chief Elon Musk, is undergoing a plethora of operational changes. Amid the ongoing changes, the microblogging site has reportedly halted work on developing its crypto wallet. The crypto community that expects Twitter to experiment with Dogecoin payments under Musk has not met with the news with excitement. Soon after the news began making the rounds, DOGE sank by ten percent, after growing by more than double over in the last seven days.

Jane Manchun Wong, the famed tech blogger and reverse engineer, had revealed about Twitter working on a crypto wallet back on October 25.

According to the Software engineer, Jane Manchun Wong, #Twitter is currently working on implementing its own #crypto wallet. She said that the project is still in its prototype phase.#TechTrees $TTC pic.twitter.com/RGwea8z2dm
— TrendsGem :fire::gem: (@TrendsGem) October 26, 2022

As per news publication Platformer, the development on crypto wallet has been paused for the time being.

The news comes in the background of Musk firing several employees from the Twitter team.

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In total, Twitter is expected to fire close to close to 3,700 employees as a cost cutting measure.

Despite the corporate upheaval, several crypto majors including Binance, Sequoia Capital Fund, and Fidelity Management are betting on Twitter under Musk for the expansion of Web3.

Musk has expressed his inclination towards integrating Twitter services with crypto payments previously. Back in April, for instance, the Tesla and SpaceX CEO had pitched his favourite cryptocurrency, Dogecoin, as a payment option for users seeking to avail Twitter Blue services.

EU Issues Warning to Crypto Influencers Before MiCA Legislation Goes Live

Back in May, Twitter co-founder and former CEO Jack Dorsey had also called Bitcoin the ‘open standard for global money transmission'.

For now, Twitter has not officially confirmed or denied its plans on developing or halting progress on a dedicated crypto wallet.

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