Sat. Dec 4th, 2021
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Ned Segal, Twitter’s chief financial officer (CFO), said in an interview that there was no point in investing in crypto due to high market volatility and lack of regulation in the industry. Segal said that if Twitter wanted to invest in crypto or related companies, it would have to change its current investment policy. Currently, the company’s policy allows only assets that are more stable as securities on its balance sheet. The Wall Street Journal Report So far, Segal has pointed to a common concern among cryptocurrencies on Twitter about the instability of cryptocurrencies. He claimed that cryptocurrency The main reason why companies do not invest in crypto is because of the high volatility in prices.

In fact, the finance departments of many corporations outside the United States have so far raised the issue of the need for specific accounting rules and systems for cryptocurrencies. Industry giants have also approached the Financial Accounting Standards Board, or FASB, a private standards body. It develops and issues financial accounting standards for companies within the United States. To lay down some basic rules for how to deal with crypto assets.

Twitter’s CFO does not seem ready to invest in crypto, but Twitter CEO and co-founder Jack Dorsey has embraced the world of digital assets with open arms. In March, Dorsey changed her first tweet, the first on Twitter, to NFT. He sold it to Bridge Oracle CEO Sina Estavi for $ 2.9 million (approximately Rs 21.5 crore) through a marketplace called Valuables. In addition to experimenting with NFTs, Dorsey is a self-proclaimed ‘Bitcoin Maximist’.

Twitter has yet to invest directly in crypto. But it has announced that it is forming a blockchain team to “explore ways to incorporate decentralized technology into products and infrastructure.” It was led by veteran blockchain engineer Tess Rinerson. The first focus area for the team is to develop decentralized apps (dApps). So that creators can manage virtual goods, currency and ways for their fans to support their community. Rinerson indicated that his team will try to look at crypto technology to enhance identity, community and ownership on Twitter.

Twitter introduced a method to tip creators with Bitcoin through the Lightning Network in September, suggesting they were experimenting with ways to verify NFTs used as profile pictures.

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