'Create Their Own Checkmarks': Aave CEO Weighs In On How Twitter Could Handle New Verification Process

Twitter CEO Elon Musk immediately made waves after closing the $44-billion Twitter transaction by saying the the microblogging site is working on "revamping" the blue badge verification process.

What Happened: Musk said the platform will be making adjustments to the verification process, and that might result in the removal of the blue badges worn by verified users, leaving many accounts that have already been validated to question what will happen to their blue checkmarks.

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The CEO of Aave, a DeFi platform where users may borrow a variety of cryptocurrencies, Stani Kulechov, offered his opinion on how to the possible new verification system Monday.

“The way to manage checkmarks is by allowing to create verification communities to create their own checkmarks,” Kulechov said on Twitter.

“People who care about them will request one, others who care to pay will do so for a common treasury.”

That’s certainly a way to handle the conundrum.

Why It Matters: Musk hasn't made up his mind yet, but according to The Verge's initial report, the verification will probably be incorporated into Twitter Blue.

According to internal correspondence, Twitter may raise the cost of its Twitter Blue subscription from $4.99 to $19.99 per month, The Verge reported. 

Musk has reportedly given the team working on this paid verification project until Nov. 7 to launch the feature or pack up and leave.

Verified users would have 90 days to pay for the membership once the amendments go into effect or they would lose their blue checkmark.

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