Twitter, Inc. (NYSE:TWTR) shares are advancing after the short-messaging social media app announced new initiatives to improve engagement.
What Happened: Twitter's tipping feature, called Tips, is being rolled out to everyone with additional payment options, including cryptocurrencies. The company has been testing this feature for some time now and has opted for a broader rollout, beginning Thursday.
Tips will make payments easier, by offering one fixed spot on a user's profile, which can be linked to their Square, Inc.'s (NYSE:SQ) Cash App, Patreon, PayPal Holdings, Inc.'s (NASDAQ:PYPL) Venmo and other platforms.
Twitter will roll out Tips initially on iOS and then expand it for users on Android over the coming weeks.
How Tips Works: If an account has turned on Tips, an icon will be seen next to the "Follow" button on the profile page. Once the icon is tapped, a list of payment services or platforms enabled by the user will be shown.
Apart from the platforms and services currently used, Twitter added new services such as GoFundMe fundraising platform and PicPay, a Brazilian mobile payments platform.
Twitter clarified that it will not take a cut from tips.
Twitter to Allow Bitcoin Tipping: Twitter said people can now tip with Bitcoin (CRYTO: BTC) using Strike, a payment application built on the Bitcoin Lightning Network that allows people to send and receive Bitcoin.
When a user enables Tips on their profile, they can now also add his Bitcoin address. People can copy the address and paste it into a Bitcoin wallet of their choice to send the user a payment directly.
"We want everyone on Twitter to have access to pathways to get paid. Digital currencies that encourage more people to participate in the economy and help people send each other money across borders and with as little friction as possible," Esther Crawford, Staff Product Manager said in a blog.
Twitter to Support NFT Authentication: Twitter reportedly said in a call with media it's planning to support authentication for non-fungible tokens, by letting people connect their crypto wallets.
"NFT authentication will come in the form of a badge, shown on profile pictures, marking the owner's NFT as authentic," a company spokesperson reportedly said.
At last check, Twitter shares were up 2.70% at $65.99.