Twitter is reportedly beginning the rollout of its new support for crypto payments, as indicated by several users who have shared screenshots of a menu that enables the purchase of Twitter Coins at a rate of 150 for $1.99. This development follows earlier reports that Twitter was planning to introduce crypto payment features as part of its efforts to expand its monetization options.
According to circulating reports, Twitter is proceeding with a “soft launch” of its crypto features. A soft launch involves introducing a new product or service to a limited number of customers or users in a controlled and gradual manner, often in a specific geographic area or market segment. The objective of a soft launch is to test the product or service in a real-world environment, obtain feedback from early adopters, and identify and resolve any issues or bugs before a broader release.
Twitter is working on Coins purchasing screen
— Jane Manchun Wong (@wongmjane) January 10, 2023
The slow rollout of Twitter’s crypto payment features comes after Twitter CEO Elon Musk’s pursuit of regulatory and legal licenses to incorporate such financial features into the social media platform. Musk has long been an advocate of cryptocurrencies and has been a vocal supporter of Bitcoin and Dogecoin.
Previous reports suggested that Twitter Coins would enable users to support creators on the platform, with the purchase happening through the Stripe fiat payment processor. The coins could also be spent on awards similar to those on Reddit, ranging from “Mind Blown,” which would cost one coin, to “Gold!,” which would require 5,000 coins.
The move by Twitter to embrace crypto payments aligns with the growing trend towards decentralized finance (DeFi) and the use of blockchain technology in various sectors of the economy. DeFi has the potential to provide financial services to millions of people who have limited or no access to traditional banking systems. It also offers a more secure and transparent way of conducting transactions, with lower transaction fees and faster processing times.
Twitter’s soft launch of its crypto payment features represents a significant development in the evolution of digital payments and could potentially change the way social media platforms monetize their content. As more users adopt cryptocurrencies, the demand for crypto payment options is likely to increase, providing an opportunity for companies like Twitter to expand their customer base and tap into new revenue streams.