Twitter Reportedly Stops Work on the Crypto Wallet

Twitter Reportedly Stops Work on the Crypto Wallet

The social media platform Twitter has stopped its plans to build a crypto wallet. There seems to have been a flurry of activity on Twitter after Elon Musk closed the deal. He ousted the CEO and senior executives and is now looking forward to laying off half its employees at Twitter.

Twitter Suspends Crypto Wallet Plan

The social media platform Twitter has now stopped its plans to build a crypto wallet as part of the ongoing changes that began last week under its new owner, Elon Musk, the online publication Platformer reported on Thursday.

"A recently revealed plan to build a crypto wallet for Twitter appears to be on pause," the article said.

Dogecoin (DOGE) recently sank almost 10% in the aftermath of the news. The popular meme coin's price has consistently reacted to Musk's activities and pronouncements. The billionaire entrepreneur and Tesla CEO has been a major advocate for the token.

DOGE had more than doubled over the past week as Musk completed the Twitter deal, peaking at a new high since April amid optimism that he might push crypto-favorable initiatives at Twitter.

Twitter To Lay Off Employees

The company is expected to lay off about half its employees, according to a Bloomberg report on Thursday, citing unnamed sources. Last week, Musk ousted CEO Parag Agrawal, CFO Ned Segal, and Vijaya Gadde, Head of Legal Affairs and Chief Content Moderator.

On Tuesday, Musk announced plans to charge USD 8 per month for Twitter users to have a blue verification checkmark, which is currently free. His announcement came following his acquisition of the social media platform.

Musk further said that for USD 8 a month, users will also get "priority in replies, mentions, and search, which is essential to defeating spam or scam, the ability to post long video and audio, half as many ads," and "paywall bypass for publishers willing to work with us."

Musk also explained his motivation for acquiring Twitter. The billionaire said, "The reason I acquired Twitter is that it is important for the future of civilization to have a common digital town square where a wide range of beliefs can be debated healthily without resorting to violence."

The recent spate of activities has evoked mixed responses from users and the media. Many users have not welcomed the new charge for the blue tick. However, Musk has made no secret of his intent in the past to change Twitter's objectives and goals. Twitter had not responded to media requests for comments about its plans for the crypto wallet.