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Twitter: Elon Musk’s social network continues to distance itself from cryptocurrencies

Out-of-the-money cryptos – A few days after Elon Musk took over the premises of Twitter, reports indicated that the company could suspend plans to develop a crypto wallet. Recent news about the social network’s new monetization strategy seems to confirm Twitter’s distancing from cryptocurrencies.

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Twitter coins finally off-chain?

According to a January 10 tweet from security blogger and researcher Jane Manchun Wong, Twitter was currently working on an interface for buying coins.

The screenshot shared in the blogger’s post shows explanatory text regarding these coins, which would be used to “support creators who tweet quality content”. Jane Manchun Wong clarifies that these Twitter coins could be bought through Stripe.

Posted by Jane Manchun Wong – Source: Twitter

In view of this information on these Twitter coins, at this point it is unlikely that this new means of payment is hosted on the blockchain and, therefore, is a cryptocurrency. Jane Manchun Wong also specified that it seems that the payment of these “rewards” to the creators is made in fiat currencies.

As for the conversion of these coins, a payment threshold of $50 could be set before creators can redeem their rewards for dollars. This amount is already the minimum threshold that creators who monetize Twitter’s current Super Follows feature must earn in order to collect their payments.

Cryptophiles could always take comfort in hoping that Stripe adds cryptocurrencies to its payment methods for purchasing these Twitter coins, and that these can also be exchanged for crypto. Last year, Stripe announced the introduction of crypto payments for its Stripe Connect service and support for USD Coin (USDC). Twitter was then presented as the first company to test these payments in USDC via Stripe, for content creators. But all that was before the conquest of the Blue Bird by Elon Musk!

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