Twitter was the first social media platform to support Bitcoin tipping in September. Users can send Bitcoin directly to their favourite content creators via the native frontend. To ensure fast settlement times, users could also send BTC via the Bitcoin Lightning Network.
Dorsey answered a question from an analyst about how cryptocurrencies fit into the company’s global strategy during Tuesday’s earnings call.
“It [Bitcoin tips] allows for much greater speed. Both subscriptions to tipping are brand new. These are products we want to ensure that again, we started small. We figure out the right product people will stick with. They’re constantly evaluating it every day. Then we will roll them out to more people, scale it, and keep iterating on the product.”
Dorsey predicted that the company would eventually integrate Bitcoin tipping into enterprise initiatives such as partnerships with advertisers on Twitter. Twitter’s monetizable users have increased by 13% to 211 millions worldwide.
Square, a financial platform founded by Dorsey, announced earlier this month plans to create an open-source Bitcoin mining ecosystem. Dorsey stated at the time that the company was aiming to further decentralize Bitcoin and increase its distributed resilience.