Suku could beat Musk in adopting crypto payments on Twitter.

Suku could beat Musk in adopting crypto payments on Twitter.

The Emerging Blockchain Industry: Taking Payments to Social Platforms

The blockchain industry is experiencing a wave of innovation and disruption, with companies striving to integrate cryptocurrencies and non-fungible tokens (NFTs) into social media platforms. While Twitter recently rebranded to “X” as part of Elon Musk’s plan to transform it into a payments application, another crypto company, Suku, might just beat him to the punch.

Suku is a web3 wallet and crypto payments application that enables transactions over social media platforms. They have chosen to start with Twitter, allowing users to directly send digital currencies and NFTs to each other. This move not only aligns with the growing popularity of cryptocurrencies but also offers users a seamless experience without the hassle of connecting external wallets.

Last week, Suku partnered with sidechain Polygon to host an open-edition NFT mint, coinciding with the launch of Polygon 2.0. Users were invited to mint NFTs by simply posting a tweet and tagging Suku and Polygon. Within the 48-hour mint period, more than 50,000 NFTs were minted. To access their NFTs, users were prompted to download the Suku Wallet chrome extension or log in to the wallet’s website using their Twitter handle. These efforts led to over 48,000 new Suku accounts being created during the mint period.

Yonathan Lapchik, CEO of Suku, aims to simplify the crypto onboarding process, especially for non-crypto users. The company recognizes that the majority of people do not have a wallet, and therefore, the first phase of their strategy is to provide users with a wallet immediately. This approach removes the barrier to entry and encourages wider adoption of cryptocurrencies.

In addition to a user-friendly onboarding process, Suku covers all gas fees that users would typically incur when sending or receiving payments. By eliminating this financial burden, Suku ensures that users can freely engage in transactions without worrying about additional costs.

While Suku’s initial focus is on Twitter, their long-term plan is to expand to other social media platforms. Lapchik acknowledges the challenges of creating a decentralized payments system within a centralized application like Twitter. To maintain a holistic social graph, Suku needs to connect multiple platforms, such as Facebook, Instagram, Reddit, and LinkedIn, to provide users with a unified payment system. This expansion will provide users with a seamless experience across various platforms, offering convenience and ease of use.

The integration of cryptocurrencies and NFTs into social media platforms is not unique to Suku. Companies are increasingly recognizing the potential of social platforms in facilitating crypto transactions. For instance, messaging application Telegram recently announced its support for crypto transfers between chats.

In conclusion, the blockchain industry is witnessing a significant shift towards integrating cryptocurrencies and NFTs into social media platforms. Companies like Suku are at the forefront of this movement, offering user-friendly wallets and seamless payment experiences. By embracing these advancements, social media platforms can evolve beyond their traditional roles and become robust decentralized payment systems. As the industry continues to innovate, we can expect greater integration of blockchain technology, offering an exciting future where social media and cryptocurrencies intertwine seamlessly.

Table of Contents

  • Introduction
  • Suku and the Integration of Crypto Payments
  • Simplifying the Crypto Onboarding Process
  • No Gas Fees for Users
  • Expansion to Other Social Media Platforms
  • The Trend Towards Crypto Payments on Social Platforms
  • Conclusion