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Twitter Chief Financial officer (CFO) Ned Segal said in an interview with the Wall Street Journal on Monday. In the interview, CFO Ned Segal of Journal Forum said that investing in cryptocurrency “Makes no sense at the moment.”

A chief financial officer (CFO) who has been in charge of the Twitter finance department for more than four years. He also explains the inherent risk of cryptocurrency assets is one of the reasons they shouldn’t be a part of an investment plan of a company.

The CFO Twitter Optimistic Encryption has Great Potential

Twitter believes it has a chance to boost profits in the crypto market. This is why Twitter has recently taken a swift step towards integrating encryption as well as financial decentralization (Defi) as well as decentralized apps (Dapps) to its existing ecosystem.

Additionally, when Twitter CFO introduced its seven options the launch was inseparable from the expansion of the NFT market, which is a digital rubles collection.

In September the social media site announced greater than 3 billion dollars in cash as well as equivalents. An increase from below $2 billion in the same month last year. Twitter is still working towards a short-term investment goal of US$3.94 billion.

No Accounting Specific Rules

Similar to other financial institutions, Siegel claims that cryptocurrencies don’t have any specific accounting standards. This is why managing the assets of cryptocurrencies is a challenge.

According to the finance officer If the company is planning to begin investing in Bitcoin. It is of course important to modify the investment policy of the company to be able to adapt to the rapid and unpredictable fluctuations of the assets.

“We will have to modify our investment policies and decide to invest in the assets with greater volatility. Businesses are more likely to have less volatile assets on their balance sheet, like securities. If we are looking to establish an account with cryptocurrency on the Internet then we must take a number of decisions that are different,” he explained.

Read Also: Novi Facebook Wallet Not Completely a Solution for Crypto-Fiat

While Twitter CFO believes cryptocurrency investing is not true, the company’s founder, Jack Dorsey, is an avid supporter of Bitcoin. Evidently, his company is making a number of products related to cryptocurrency.

Encryption Specialty Team

Within the month of October Twitter, CFO Twitter announced that it was forming a team that will focus on blockchain, encryption and decentralized technology. Dorsey made the announcement on the company’s earnings conference for the second quarter call.

Team Leader Tess Rinearson said on Twitter:

"I'm excited to share that I'm joining Twitter and leading a new team focused on encryption, blockchain and other decentralized technologies (including inside and outside cryptocurrencies)."

Swiss Cross-Chain Engineers and the members of the foundation’s board for encryption declared that the group will comprise of “distributed and cross-cultural like encryption itself,” and the base would be in Berlin.

In September Twitter revealed that users of Apple iOS can now send bitcoin-related “tips” to other users.

This latest tip feature will mean that users on Twitter can now send major crypto via “favorite accounts”. For example “comedy makers on the rise,” or “helping small business owners through tough times.”

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