Twitter to Launch Coins, a Secret In-development Digital Asset, According To Leaks

Coins, a feature being developed by Twitter, will let users give money to platform producers.

The social media app, led by Elon Musk, is reportedly working on a brand-new feature that would let users award each other with "Coins" that can be bought as a digital currency.

While the upcoming Twitter Coins feature may sound related to cryptocurrency, recent leaks reveal that it may not be the case, so what exactly is it?

What Are Twitter Coins?

According to Mashable, security researcher and blogger Jane Manchun Wong claims that Twitter is creating a purchasing interface and menu item button for Coins and will utilize Stripe to handle fiat payments.

The Twitter Coins function first surfaced in December 2022. The leaked feature sparked speculation that Musk will either ignore or marginalize Dogecoin (DOGE), as previous reports theorized that the Coins feature would be related to cryptocurrency.

"Coins allow you to support creators who Tweet great content. Unusued coins are kept in your balance," Wong explained in their tweet.

The Coins feature similar to Reddit's tipping and rewards system, in which users can reward other users with "Reddit Coins" for a post, comment, or live video broadcast that they particularly liked.

'Twitter Coins' Leaks: What We Know So Far

Along with the list of Twitter Awards, you may present to other users, Wong also tweeted a screenshot of the Coins menu that leads to the purchase screen. The Twitter Awards range from "1 Mind Blown," equaling one coin, to "1 Gold! equaling 5,000 coins."

Despite initial theories on the upcoming feature, Decrypt reports no mention of cryptocurrency or blockchain technology found in the recently released photos of the platform's unreleased digital asset.

After the covert "Twitter Coins" project was initially revealed by tech bloggers Jane Manchun Wong and Nima Owji in early December, many in the community hoped it would integrate bitcoin in some form.

Twitter's Monetization Strategy: Twitter Awards

Social Media Today reports that Twitter's monetization strategy is still expanding, despite the company recently laying off a sizable portion of its workforce due to the appointment of new CEO Elon Musk.

Prior to the Twitter Coins feature, users will be able to purchase a variety of new emoji prizes from Twitter for a range of prices through the Twitter Awards feature, which allows users to give digital rewards to other users, who could then redeem them for cash.

The idea is very identical to Facebook's virtual presents, which can be purchased with 'Stars,' its in-app currency, to support your favorite producers.

For the time being, it looks that people who receive Twitter Awards will need to wait until they have accumulated at least $50 worth of awards before they can redeem them. This is the same minimum payout amount for those already making money off Twitter's "Super Follows" function.