In September, Twitter became the first major social media platform to adopt Bitcoin (BTC) tips, allowing users to send BTC directly to their favorite content creators through the site's native interface. The company also allowed users to send their BTC through the Bitcoin Lightning Network to guarantee near-instantaneous settlement times.
In response to an analyst's question about how cryptocurrencies play into the company's overall global strategy, Dorsey had the following to say during the company's third-quarter earnings call on Tuesday:
"That [Bitcoin tipping] allows much more speed. Both tip subscriptions are new. These are products that we want to make sure that again, we start small and discover the right product that people want to stick with and they are evaluating it every day. And then we'll roll them out to more and more people, scale it, and continue to iterate on the product. "
Dorsey anticipated that the company could eventually integrate Bitcoin tips with business initiatives, such as in partnerships with advertisers on the platform. The number of monetizable users on Twitter has grown up by 13% year-over-year to 211 million worldwide.
Earlier this month, financial services platform Square, also founded by Dorsey, announced plans to build an open source bitcoin mining ecosystem. At the time, Dorsey stated that the company's goal was to help further decentralize Bitcoin to increase the distributed resilience of the technology.
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