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Twitter’s Chief Financial Officer made this statement regarding investing in cryptocurrencies

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HIGHLIGHTS :

  • Twitter isn’t investing directly in crypto yet.
  • In March, Twitter CEO Jack Dorsey converted his first tweet to NFT.
  • The company is not investing in crypto due to high volatility in prices.

Twitter isn’t investing directly in crypto yet.

Twitter’s Chief Financial Officer (CFO) Ned Segal said in an interview that investing in crypto doesn’t make sense due to high market volatility and a lack of regulations in the industry. Segal said that if Twitter wants to invest in crypto or related companies, then it will have to change its current investment policy for that. At present, the company’s policy allows holding only those assets which are more stable on its balance sheet like securities.

Twitter’s Chief Financial Officer Ned Segal said in an interview that investing in crypto doesn’t make sense due to high market volatility and the lack of regulations in the industry.

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In March, Twitter CEO Jack Dorsey converted his first tweet to NFT.

As the Wall Street Journal reports, Segal pointed to a general concern among finance chiefs on Twitter about the volatility of crypto. He claimed that the volatility in cryptocurrency prices is the main reason why the company is not making corporate investments in crypto.

In fact, the finance departments of several corporations based outside the US have so far raised the issue of the need to create specific accounting regulations and systems for crypto assets. Industry veterans have also approached the Financial Accounting Standards Board or FASB, a private standards-setting body. It develops and issues financial accounting standards for companies within the US. In order to lay down some basic rules for making rules on how to deal with crypto assets.

The company is not investing in crypto due to high volatility in prices.

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

Twitter is yet to invest directly in crypto. But it has announced that it will launch a blockchain initiative to “explore ways to incorporate decentralized technology into products and infrastructure”.

A cryptocurrency, crypto-currency, or crypto is a collection of binary data which is designed to work as a medium of exchange. Cryptocurrencies are generally fiat currencies, as they are not backed by or convertible into a commodity. Some crypto schemes use validators to maintain the cryptocurrency.

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