As part of ongoing changes initiated last week by its new owner, Elon Musk, Twitter has put a stop to its ambitions to create a cryptocurrency wallet, reported the website Platformer on Thursday.
"A recently revealed plan to build a crypto wallet for Twitter appears to be on pause," the report stated.
The social media site's crypto wallet was revealed by software developer Jane Manchun Wong, who is well-known for her reports on soon-to-be-released technology innovations, claiming that the social media platform would integrate its own crypto wallet.
The crypto wallet, according to Manchun Wong, will allow users to deposit and withdraw funds without the usage of third-party services.
Dogecoin (DOGE) recently dropped over 10% after the suspension was announced. The price of the famous meme coin has regularly responded to Musk's activities and pronouncements. The Tesla CEO has been an outspoken supporter of the token.
DOGE had increased by more than twofold over the past week when Musk finalized the transaction, reaching its highest price since April in hopes that he may promote cryptocurrency-friendly activities at Twitter.
Along with Instagram and Reddit, the social media site launched by Jack Dorsey has been one of the most cryptocurrency-friendly websites. Under Dorsey's direction, the business introduced a number of services that enabled customers to connect their cryptocurrency wallets to their profiles.
Users must, however, create and maintain their own wallets and addresses in order to use this service. At first, Bitcoin was compatible with the functionality. Later, Twitter expanded the functionality to include non-fungible tokens (NFTs) and Ethereum addresses.
In addition to a crypto wallet feature, there is a separate division called Bluesky, whose team is working on a social media solution as a "social protocol," allowing these platforms to exist outside of the structure of a standard firm. They will adopt the transparency and decentralization values associated with Bitcoin and cryptocurrencies.
In that way, the protocol may give social media users more power by allowing them to choose the services they wish to use, change the algorithms that run them, and even their performance.
Dorsey launched both Twitter and Bluesky, despite the fact that they are independent companies, in order to advance social media at a time when social protocols based on cryptocurrency wallets would become the new normal.
A report on Thursday claimed that Twitter would fire approximately half of its staff. The CEO of Twitter and other top employees were fired last week, and Musk has previously been open about his desire to reorganize Twitter.
