The largest cryptocurrency exchange is forming an internal team that will concentrate on how cryptocurrencies may benefit Twitter.
Binance is forming an internal team to assist Twitter in combating bot accounts utilizing blockchain and cryptocurrencies, the exchange announced. The world’s largest cryptocurrency exchange said today that it will spend $500 million in Twitter in an effort to connect social media and news to Web3.
“Binance is creating an internal team to focus on ways that blockchain and crypto could be helpful to Twitter and actively brainstorming plans and strategies that could help Elon Musk realize his vision,” a Binance spokesman told.
“For example, how can we build on-chain solutions to address some of Twitter’s issues, such as the proliferation of bot accounts in recent years. We are in the early stages now and still figuring out a plan.”
According to rumours, Musk will become Twitter’s chief executive officer. The eccentric billionaire, who tweets often, previously stated he would reduce the company’s workforce by 75% after assuming control, but this week he claimed he wouldn’t.
Musk is also anticipated to reinstate accounts previously banned from the network. Former president Donald Trump was permanently banned from Twitter in January 2021.
Musk, who stated that he was purchasing Twitter to secure the “future of civilisation,” is not unfamiliar with cryptocurrencies. Tesla is one of the greatest corporate Bitcoin holders despite selling 75% of its Bitcoin holdings. And Musk has regularly promoted Dogecoin, the original meme coin; in April, he stated the cryptocurrency might be used for Twitter payments.