CFO Segal said they prefer less volatile assets. Twitter has already integrated bitcoin into various features of the social network.
Twitter CFO Ned Segala highlighted that they would not invest money linked to the company in bitcoin (BTC). According to the executive, making that move does not make sense right now since they would have to change their investment policy and find ways to acquire more volatile assets.
The representative also indicated that Twitter prefers to keep less volatile assets on its balance sheets, such as cash, trade receivables, and short-term investments.
Segal, the current CFO of Twitter, told The Wall Street Journal newspaper there is a different set of decisions that the social network would have to make if they were about to hold cryptocurrencies on their current balance sheet.
Seagal’s position towards bitcoin contrasts with Twitter CEO Jack Dorsey because the chairman is a recognized enthusiast of the leading cryptocurrency.
Dorsey recently announced that he is experimenting with digital mining. Specifically, when it comes to mining with Compass Mining, a service that hosts, supplies, and operates cryptocurrency mining equipment for individuals.
The co-founder of Twitter has claimed that bitcoin has enough potential to create a new financial environment with improved infrastructure. The co-founder of Twitter thinks Bitcoin could create a more inclusive and comprehensive network suitable for communities underserved by the traditional financial system.
Twitter has Already Integrated Bitcoin to its Platform
Although Twitter does not want bitcoin on its balance sheet, it does use the first cryptocurrency in various operations connected to the social network.
Since last September, bitcoins can get sent and received through an integration with the Strike application. The new model is only available on Apple’s iOS operating system.
Additionally, Twitter announced this month the formation of a new team of specialized developers to explore and work on the space of decentralized applications and cryptocurrencies.
The company said they are currently evaluating all the possible ways to incorporate decentralized technologies into their products and infrastructure. Short-term projects would also include payment systems that allow content creators to receive cryptocurrencies as payment.
Twitter also touched on their increasing interest in exploring the areas of identity, property, and digital communities and invited developers interested in joining Twitter Crypto to get in touch.
Tess Rinearson is an engineer specializing in blockchain networks who has led projects for Interchain, Cosmo, Tendermint Cor and took part in BlueSky, a project underpinned by Twitter that focused on building decentralized social networks.
On the other hand, The CEO of the social network, Jack Dorsey, said last September that decentralized networks such as Bitcoin would improve the security of Twitter. He also highlighted that the social network aims at blockchains so that the content exists forever in the nodes connected to the network.
Recently, information got disclosed about a possible beta version of a bitcoin tipping system within the Twitter application. The new leader of Twitter Crypto confirmed that they would be working with the incorporation of this system
By: Jenson Nuñez
