Rumors of new ‘Twitter Coin’ run rampant

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Rumors have been circulating that Twitter will introduce a new native asset called “Twitter Coin” for payments and tipping on the social media platform. 

This came after some in the online community claimed to have obtained hints pointing to a new payment on Twitter. Tech researcher Jane Manchun Wong wrote in a tweet that she had extracted code from Twitter’s web app with an image of “Twitter Coin”, crypto asset media outlet The Block reported on December 5. 

The tweet has already been deleted, but Wong told the media that the code was extracted from a recent version of Twitter’s web app.

So far, it is unclear whether what the “Twitter Coin” image represents is a service or a crypto asset, with Wong explaining that very little information was available on what this is exactly.

Currently, Twitter has a Tips feature that allows users to spend money from their profiles and supports the transfer of crypto assets such as Bitcoin and Ethereum. However, these use third-party payment services and are not Twitter’s own system.

In November, Twitter’s new chief executive Elon Musk revealed his intention to introduce a payment function for money transfers on Twitter. The company has applied to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) and is already registered as a money transfer provider.