Twitter is moving one step further into the crypto ecosystem by allowing its mobile users to receive tips in Ether (ETH), the native cryptocurrency of the Ethereum blockchain. The move to expand its virtual tipping feature to include Ether alongside Bitcoin (BTC), the only crypto that was allowed before, was announced by the company on Wednesday.
The Tip Jar feature on Twitter was first launched in May 2021. It allows creators on the platform to monetize their accounts by receiving tips from followers and fellow users.
Any Twitter account holder can link their payment details to third-party services such as Venmo, Cash App, or Razorpay. People inclined to tip in crypto can do so by copying the recipient’s crypto address and pasting it into their own wallet, or they can tip directly via the Strike wallet option.
Paytm Option Enabled For India
In addition to enabling Ethereum addresses, Twitter has also added Paytm as a payment gateway option to its tips feature. Until now, Indian users above the age of 18 could only share links to BTC addresses, Razorpay or Patreon.
The decision to add an Indian payment app like Paytm is likely to expand the Twitter user base further, and empower Indian creators. Users can now receive payments via various modes—including UPI, net banking, credit, and debit cards via the Paytm gateway.
Also, it is speculated that Paytm itself could launch payment services in Bitcoin and Ethereum if India makes crypto fully legal.
Twitter’s Tryst with Crypto
The Ether-enabled tipping feature is just the latest among the many connections between the social media giant and cryptocurrencies. In July last year, former Twitter CEO Jack Dorsey even told investors that Bitcoin would play a “big part” in the company’s future.
The most notable connection today is Twitter’s decentralized social media initiative called “Bluesky”. The idea behind the project is to rebuild the social web by giving back control to users. At the heart of such an initiative lies decentralized public blockchains and crypto-assets. In line with this, Twitter hired crypto developer Jay Graber in August 2021 to lead Bluesky.
And just last month, Twitter released an official verification mechanism for NFT (Non-fungible Token) profile pictures. So its subscribing users (Twitter Blue) can now connect a crypto wallet to their account and select an NFT from the wallet as their profile picture. Verified NFTs will appear as hexagons instead of the regular circle.
These changes reflect the fact that Jack Dorsey, a “Bitcoin Maximalist” (someone who believes that Bitcoin is the only digital asset needed for the future), stepped down as the CEO in November 2021. After his resignation, the company is slowly embracing all forms of crypto instead of just Bitcoin. Enabling NFT profile pictures and tips in Ether are an example of this.
Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.
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