Twitter CFO Ned Segal Believes It Does Not ‘Make Sense Right Now’ to Invest in Bitcoin


Twitter’s Chief Financial Officer (CFO) Ned Segal said in an interview that investing in crypto “just doesn’t make sense” due to extreme market volatility and the lack of industry accounting regulations. Sehgal noted that for Twitter to invest in crypto companies and related avenues, the social media giant would have to change its current investment policies, which currently only allow the company to hold more stable assets in nature like securities on its balance sheet. gives. ,

According to the Wall Street Journal report good, Sehgal points to a general concern about crypto volatility among finance chiefs Twitter, claiming to be one of the biggest reasons the company is not using crypto for its corporate investments.

In fact, the finance departments of many corporations based outside the US have so far raised the issue of the need to devise specific accounting rules and systems. crypto properties. Industry veterans have also approached the Financial Accounting Standards Board, or FASB, a private standard-setting body that develops and issues financial accounting standards for companies within the US, with some basic ideas on how to treat crypto assets. To set rules, to set rules. How to treat crypto assets.

While Twitter’s CFO Seems Reluctant to Invest in Crypto, Twitter’s CEO and Co-Founder jack dorsey Have enthusiastically embraced the world of digital assets. In March, Dorsey changed his first tweet, the first ever on Twitter, to an nft, He sold these 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 also a self-proclaimed ‘Bitcoin maximalist’.

Twitter isn’t investing directly in crypto just yet, but it has announced that it’s setting up a blockchain team Led by veteran blockchain engineer Tess Reinerson to “explore ways to incorporate decentralized technologies into our products and infrastructure”. The first focus area for the team will be to develop decentralized apps (dApps) so that creators can manage virtual goods, currencies and ways for their fans to support their community. Rinerson indicated that his team will try and look at crypto technology to increase identity, community and ownership on Twitter.

Twitter, back in September, implemented a method tip maker with Bitcoin via the Lightning Network and suggested that they are experimenting with methods verify nft Used as profile pictures.

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Cryptocurrency is an unregulated digital currency, is not legal tender and is subject to market risks. The information in this article is not intended to be financial advice, trading advice or any other advice or a recommendation of any kind offered or endorsed by NDTV. NDTV shall not be liable for any loss arising out of any investment based on any alleged recommendation, forecast or any other information contained in the article.