Twitter is building a new team that will focus on cryptos, blockchains and other decentralised technologies.
The new team will strive to be “a centre of excellence for all things blockchain and web3,” the company told TechCrunch.
The team will be led by Tess Rinearson, a crypto engineer and council member of Interchain Foundation.
In a series of Twitter posts, Rinearson laid out the social media platform's plans with regard to blockchain and other web3 apps.
"I’m thrilled to share that I’ve joined Twitter, to lead a new team focused on crypto, blockchains, and other decentralised technologies—including and going beyond cryptocurrencies," Tess Rinearson said in one of the posts.
Rinearson will be working closely with Twitter's Bluesky team to develop the decentralised social media.
Founded in 2019, Bluesky is an initiative by the social media company to develop a decentralised social network protocol.
Rinearson further said her team will first explore how they can support the growing interest among creators to use decentralised apps to manage virtual goods and currencies, and to support their work and communities.
"Looking farther ahead, we’ll be exploring how ideas from crypto communities can help us push the boundaries of what’s possible with identity, community, ownership and more," she added.
Responding to a query to her threads, Rinearson said she will be staying in Berlin, Germany and the new team "like crypto itself, (will be) distributed and cross-cultural!"
Twitter founder and CEO Jack Dorsey has been one of the most avid supporters of web3 technologies particularly cryptos. His payment company Square was one of the first fintech companies to accept payments in cryptos.
In July, Dorsey had announced that Square is setting up a bitcoin-focused business unit called TBD.
"Square is creating a new business focused on building an open developer platform with the sole goal of making it easy to create non-custodial, permissionless, and decentralized financial services. Our primary focus is Bitcoin. Its name is TBD," Dorsey said in a Twitter post.
Web3 refers to a new version of the Internet that will be decentralised and run on public blockchains, unlike Web2 popularly known as the Internet.
Many believe decentralised social networks running on blockchain are the future of social media. They will be a lot more private and users will have a lot more flexibility and control over what they will see.