Twitter is developing its own wallet for depositing and withdrawing cryptocurrencies

Twitter is set to dive further into the world of cryptocurrencies with its wallet that will let users make cryptocurrency deposits and withdrawals.

Cryptocurrency adoption is on the rise as organizations across the globe continue to increase their efforts to make it easier for people to access digital assets.

A New Wallet

On October 25, stability researcher Jane Manchun Wong revealed that Twitter is doing work on a wallet of its own that will accept cryptocurrency deposits and withdrawals.

For 2 years, Twitter has introduced numerous functionalities regarding cryptocurrencies along with the accession of decentralized applications (dApps) on the web3.

Big plans for cryptocurrencies

Earlier this year, online payments organization Stripe enabled functionality that allowed Twitter users to receive payments in stablecoins.

“We want everyone on the planet on Twitter to have access to avenues to receive payments.”

In May, Binance, the world’s largest cryptocurrency exchange, pledged to invest $500 million in Twitter along with the purchase of part of Elon Musk. The Binance collaboration could bolster Twitter’s attempts to build a cryptocurrency-friendly social media platform.