Dorsey suggested that the new initiative is incentivizing content creation and cryptocurrency adoption alike.
Back in September, Twitter became the first major social media platform to adopt Bitcoin (BTC) tipping, enabling users to send BTC directly to their favorite content creators through the site’s native frontend. The company also allowed users to send their BTC over the Bitcoin Lightning Network to ensure near-instant settlement times.
In response to an analyst’s question regarding how cryptocurrencies play into the company’s overall global strategy, Dorsey said the following during the company’s third-quarter earnings call on Oct. 26:
“It [Bitcoin tipping] allows for much more speed. Both tipping subscriptions are new. These are products that we want to make sure that again, we started small and we figure out the right product that people want to stick with and they’re evaluating every single day. And then we’ll roll them out to more and more people and scale it and continue to iterate on the product.”
Dorsey anticipated that the company could eventually integrate Bitcoin tipping with enterprise initiatives, such as in partnerships with advertisers on the platform. The number of monetizable users on Twitter has grown by 13% year over year to 211 million 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 in order to increase the technology’s distributed resilience.