Dorsey stated that the new initiative encourages content creation as well as cryptocurrency adoption.
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Twitter was the first social media platform to support Bitcoin tipping in September. Users can send Bitcoin directly to their favorite content creators via the native front-end. To ensure fast settlement times, users could also send BTC via the Bitcoin Lightning Network.
Dorsey answered a question from an analyst about how cryptocurrencies fit into the company’s global strategy during Tuesday’s earnings call.
“It [Bitcoin tips] allows for much greater speed. Both subscriptions to tipping are brand new. These are products we want to ensure that again, we started small. We figure out the right product people will stick with. They’re constantly evaluating it every day. Then we will roll them out to more people, scale it, and keep iterating on the product.”
Dorsey predicted that the company would eventually integrate Bitcoin tipping into enterprise initiatives such as partnerships with advertisers on Twitter. Twitter’s monetizable users have increased by 13% to 211 millions worldwide.
Earlier this month, financial services platform Square — also founded by Dorsey — announced plans to build an open-source bitcoin mining ecosystem. At the time, Dorsey stated that the company’s goal was to help further decentralize Bitcoin to increase the technology’s distributed resilience.
