• Twitter Coins has no crypto in sight, according to a recent leak by data miner Jane Manchun Wong.
• The payment system will use Stripe to handle fiat payments, but there’s no sign of adding crypto.
• Twitter is also developing an in-app rewards system, requiring Coins to unlock reactions like ‘Mind Blown’ and ‘Crown’.
Twitter, the popular social media platform, is currently developing a new purchase interface and menu item button dubbed ‘Coins’. Though the technology giant, headed by Elon Musk, is using Stripe to handle fiat payments, there is so far no sign of adding crypto. The news was uncovered by Jane Manchun Wong, a security researcher and data miner.
The latest development is part of Twitter’s monetization strategy and is designed to provide an alternative way for users to pay for services. In addition to the Coins purchasing screen, Twitter is also working on an internal rewards system. When users respond to posts with a ‘Mind Blown’, ‘Bravo’, ‘Bullseye’, ‘Gem’ or ‘Crown’ reaction, they will be required to pay with Coins. Nima Owji, a developer closely following Twitter’s inner payments system, has noted that Coins has nothing to do with cryptocurrency.
Stripe, a software company developing APIs for e-commerce and apps, will be handling the payment system. At the moment, the only accepted form of payment is the USD Coin (USDC), a stablecoin pegged to the US dollar. This may suggest that Twitter intends to keep their Coins system independent of cryptocurrency.
The introduction of Coins to the platform has been met with some trepidation. Many users are concerned that the system is intended to further monetize the platform, and could lead to an increase in pay-to-play content. Others are also worried that the system will lead to a greater level of control over what content is viewed and shared.
Despite these concerns, many users are looking forward to the introduction of Coins. They believe that the system could lead to increased engagement with content, as well as providing creators with an additional revenue stream. It remains to be seen how successful the Coins system will be, and whether or not Twitter will look to expand its payment options to include crypto in the future.