Twitter, the world’s largest social media platform, is venturing into the crypto space. The platform announced that they had created a new wallet API called Strike. The plan allows users to transact Bitcoin over a layer2 lightning network.
“Today, Twitter enables free, instant, global payments for their users with Strike API. What the internet did for news, Bitcoin + the Lightning Network is doing for money.” Mallers announced on Twitter.
With bitcoin, Twitter is blending nine more payment apps. To offer an easy way for users to accept crypto pay on their platform. Venmo, Patreon, and CashApp are prime examples of these apps.
“There’s this growing interest among creators to use apps that run on the blockchain. We want to help creators take part in the promise of an evolving decentralized internet on Twitter.” Esther Crawford, product lead for creator monetization, noted.
Twitter is always looking for ways to make the platform more engaging. So, they thought of attracting fresh content creators. They also considered how best they could help them monetize their content well.
For instance, they introduced the use of Super Follows. A tool that allows content creators to make money from other people on Twitter.
The Lightning Network has seen a massive increase in adoption over the past couple of years. Now, Twitter’s BTC tipping integration would boost its usage. Currently, 72 channels are with open payments on the network. This is 226% more than what was running at stable baseline levels throughout 2019-20.
Twitter Adding an NFT Authentication Icon
Twitter finally announced that it is adding NFT authentication services to its platform. The feature will enable users to add their NFT wallets to their accounts.
Jack Dorsey‘s plans for adding Bitcoin functionalities do not end here yet. Dorsey’s Square is working on a hardware walled and Bitcoin-based DeFi platform.
The news of bitcoin-Twitter adoption pushed Bitcoin’s price up to $45,000. Later, it dived back to $41K.
Bitcoin’s drop has been primarily attributed to a bearish trend in the crypto sector. Most top-100 cryptos are recording negative price actions. Only a handful of projects are reacting well.