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.
- Twitter Working to Introduce Payments Feature Amid Drop in Advertising Income: Report
- Elon Musk Defiantly Defends Himself in Tesla Shareholder Trial Over 'Funding Secured' Tweet
- Twitter to Soon Allow Users to Side Sweep Through Tweets, Trends, Topics, More
Jane Manchun Wong, the famed tech blogger and reverse engineer, had revealed about Twitter working on a crypto wallet back on October 25.
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.
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.
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.