Musk Argues; Twitter to Delay Crypto Wallet Development

    TheMorningCrypto Desk
    TheMorningCrypto Desk
    Published on November 5, 2022 4:25 PM

    Updated on January 26, 2023 10:15 AM

    DOGE had a very successful October, boosting its value by more than 100%, compared to Ether's 18% growth and Bitcoin's 5.5% gain.
    Musk Argues; Twitter to Delay Crypto Wallet Development
    Source: unsplash

    Twitter has paused plans to develop a cryptocurrency wallet as part of continuing reforms initiated last week by its new owner, Elon Musk, according to the social blog platformer.

    "A previously reported proposal to construct a crypto wallet for Twitter looks to be on hold," according to the story.

    Doge plunges due to Twitter crypto wallet halt

    Dogecoin (DOGE) dropped over 10% in response to the news. The price of the famous meme coin has continuously reacted to Musk's activity and remarks. The wealthy entrepreneur and Tesla CEO have been outspoken supporters of the currency.

    The point seemed almost an afterthought towards concluding a roundup of notes on internal Twitter adjustments, but DOGE plummeted shortly after its release.

    Since early 2021, DOGE has served as a measure for market opinion toward new Twitter owner Elon Musk. As Musk completed his purchase of Twitter and took the business private in late October, the price of Dogecoin more than quadrupled, with many anticipating him to push new crypto efforts ahead as part of his platform reorganization.

    Previous claims of Twitter crypto wallet prototype

    Twitter began work on a "wallet prototype" on October 24, according to tech writer Jane Manchun Wong. During Musk's Twitter takeover, Dogecoin was already on a tear, and rumours that the site will have its integrated wallet for cryptocurrency deposits and withdrawals stoked even more anticipation for DOGE. Due to the rumour, many people believe that Twitter will turn into a complete Web3 platform.

    It's important noting that Wong never revealed any specifics regarding the Twitter wallet project, and the Platformer story has yet to be validated by other media or a Twitter spokesperson. Many media outlets for comment have contacted Twitter.

    A Bloomberg story on Thursday citing unidentified sources shows that the corporation is poised to lay off half its staff. Musk fired Twitter's CEO and several top officials last week and has previously stated his intention to shift Twitter's direction.