Back in September, Twitter became the first major social media platform to accept Bitcoin (BTC) tips, allowing users to send BTC directly to their favorite content creators through the site’s own interface. The company also allowed users to send their bitcoins through the Bitcoin Lightning network to provide nearly instant settlement times.
In response to a question from an analyst about how cryptocurrency will affect the company’s global strategy, Dorsey said the following Tuesday during the company’s third-quarter financial announcement:
“This [Bitcoin tip] delivers more speed. Both of these gratuity subscriptions are new. These are the products we want to make sure we start on a small scale again, see what product people need, and evaluate it every day. And so we introduce them to more and more people, We are expanding its range and continuing to improve the product.”
Dorsey predicted that the company would eventually be able to integrate Bitcoin gifts with enterprise initiatives, such as collaborating with advertisers on the platform. The number of Twitter users who earn money increased by 13% annually to 211 million worldwide.
Earlier this month, financial services platform Square, which Dorsey also founded, announced plans to create an open source bitcoin mining ecosystem. At the time, Dorsey stated that the company’s goal is to facilitate further decentralization of Bitcoin to increase the distributed flexibility of the technology.