Twitter Puts A Stop To Crypto Wallet Development: Report

Social networking giant Twitter has reportedly paused its plans of developing a crypto wallet as part of structural changes under its new owner Elon Musk.

"A recently revealed plan to build a crypto wallet for Twitter appears to be on pause," read an article from Platformer, Thursday.

Following the news, Dogecoin (DOGE), the world's biggest meme coin, dropped 10.45%, and as of 10:06 pm ET, the token is priced at $0.1189, as per CoinMarketCap. The trading volume of the token dropped 41.60% while its market capitalization went down by 11.79%.

The announcement of Twitter's acquisition by Musk, shot up Dogecoin prices to its highest levels since April and is currently ranked as the eighth biggest crypto coin by market cap.

The Dogecoin community anticipated that Musk, who is one of the biggest backers of the DOGE token and considers it the "people's cryptocurrency," would introduce favorable changes for the meme coin.

Twitter was working on a crypto wallet with withdrawal and deposit features, as first pointed out by blogger Jane Manchun Wong. While the development of the "prototype wallet" is on hold, Twitter also announced a new service called NFT Tweet Tiles, which allows users to buy and sell NFTs via tweets.

NFT Tweet Tiles was launched in partnership with Magic Eden, the largest NFT marketplace on the Solana blockchain; Rarible, a multi-platform NFT marketplace protocol; Dapper Labs, a Flow blockchain creator; and Jump.trade, a sports-centric platform.

On Friday, Twitter will notify employees by email if they have been laid off by the now-private firm. On the other hand, the employees who are not affected will be notified via their work emails.

Twitter is undergoing a series of changes under its new owner. Sriram Krishnan, General Partner at the popular venture capital firm Andreessen Horowitz (a16z), confirmed that he would be helping Musk with revamping the social networking platform.