Tuesday, December 6, 2022
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Twitter Stops Work Of Crypto Wallet: Report

According to a report published on Thursday by the online newspaper Platformer, the social media network Twitter has canceled its plans to create a cryptocurrency wallet as part of the continuing reforms that were initiated last week by its new owner, Elon Musk.

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

After Twitter’s final acquisition, the price of Dogecoin surged, briefly making the cryptocurrency popular among investors who hoped that Elon Musk could provide some insight into the cryptocurrency market.

The price of Dogecoin, however, dropped significantly once it was reported that the cryptocurrency wallet would not be implemented. In the wake of the announcement, the price of Dogecoin (DOGE) dropped nearly 10 percent. The value of the popular meme currency has been shown to respond predictably to statements and actions taken by Musk. The successful entrepreneur, who is also the CEO of Tesla, has been a significant proponent of the coin.

DOGE has more than quadrupled over the last week as Musk made the transaction, reaching the highest price since April in anticipation of the possibility that he may support crypto-favorable projects at Twitter.

According to a story that was published by Bloomberg on Thursday, which cited anonymous people as its sources, the corporation is anticipated to lay off around half of its staff. Musk fired Twitter’s CEO and many other top officials the week before last, and in the past, he has made no secret of his intention to alter the course that Twitter is now on.

Following the purchase of Twitter by the billionaire Elon Musk, the staff of the massive social media platform were left in the dark about their foreseeable futures with the firm. According to a source, about half of Twitter’s 7,500 employees seemed to be on the verge of losing their jobs. Despite this, the firm has said that it plans to begin laying off employees on Friday and that the layoffs are scheduled to begin that day.

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Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.


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