Twitter launching crypto team to explore digital assets and decentralised apps

Microblogging social media platform Twitter has announced it is to launch a “dedicated” crypto team whose job it will be to explore decentralised applications and how the company might work directly with digital assets. Twitter’s co-founder and chief executive Jack Dorsey has long been an advocate of cryptocurrencies, other digital assets and blockchain technology but now appears to be making a concerted push into the space.

The Silicon Valley tech company has already hired Tess Rinearson who was most recently VP of Engineering at the Interchain Foundation, a Switzerland-based organisation whose mission statement is “advancing open, decentralized network technologies for greater sovereignty, security, and sustainability.”

The new Twitter crypto team’s initial goal will be to “set the strategy for the future of crypto at (and on) Twitter”.

Dorsey has been openly stating his ambition to, somehow, integrate digital assets into Twitter’s future for years. Two years ago Square, the fintech payments company he also runs as chief executive, introduced bitcoin support and can process the cryptocurrency that earlier this week set new record highs of close to $69,000 before dropping back to $65,000 today.

Twitter made its first direct foray into cryptocurrencies in September when it announced a new tool that allowed users to tip others for their content in bitcoin. It has also said it is working on a feature to verify collectable NFTs – non-fungible tokens. NFTs are most often digital artworks and some Twitter users have started using them as their profile pictures.

Ms Rinearson will report directly to Twitter’s chief technology officer Parag Agrawal and will oversee the company’s efforts to build these tools and other new features out. She’ll also direct exploration of ways to decentralise social media through next generation blockchain apps.

Critics worry Mr Dorsey is becoming distracted by his focus on cryptocurrencies and blockchain technology. Last year he was forced to cancel an extended months-long trip to Africa where he intended to spend time researching opportunities and potential applications of crypto technology after the activist investor Elliott Management called for him to be replaced due to governance concerns.

Elliott has questioned his ability to effectively hold the chief executive roles at both Twitter and Square under normal circumstances. His intention to take a few months off to explore his passion for cryptocurrencies was seen as a step too far. Eventually an agreement was reached between Elliott and Dorsey allowing him to remain in the role but on the condition Twitter revenue growth targets were met.