The world’s largest cryptocurrency exchange, Binance is creating a team to work on how blockchain technology and cryptocurrency can benefit Twitter as the latter has been recently acquired by Elon Musk.
Binance has invested $500 million in Elon Musk's acquisition of Twitter Inc. According to a report by Reuters, Binance, one of Elon Musk’s equity co-investor in the deal, is planning to come up with plans and strategies that could help Musk run Twitter.
After Musk tookover Twitter, he immediately fired its top executives, as per media reports.
To deal with Twitter’s problems including the proliferation of bot accounts, an issue that Musk repeatedly has raised, the newly-formed team will look into building on-chain solutions.
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Under Jack Dorsey, co-founder, former CEO and proponent of bitcoin, Twitter began to research how to apply blockchain technology, as per the Reuters report.
Last year, Twitter developed an internal crypto team and the company too introduced the ability to use non-fungible tokens (NFTs) as paid subscriber’s avatar photo.
In Musk’s texts with his confidants that were made public as part of the Twitter lawsuit, he discussed the idea of putting Twitter on the blockchain, though he eventually seemingly decided that such a move would not be successful.
Given that Musk has absolute control over the board and decision-making in the now-private Twitter, it is unclear how actively involved minority investors like Binance might be in Twitter’s future, as per the report. With almost 7 million followers on Twitter, Changpeng Zhao, the Chief Executive of Binance, is an active user of Twitter. Most of his co-investors are funds such as Fidelity Management, Sequoia Capital, Brookfield and Andreessen Horowitz.
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