On Friday, the largest cryptocurrency exchange in the world, Binance, which contributed $500 million to Elon Musk’s acquisition of social media platform Twitter Inc., revealed its plans to form a team to explore how blockchain technology and cryptocurrencies may benefit Twitter.
As reported by Reuters, the team will look into developing on-chain solutions to deal with Twitter’s problems, such as the rise of bot accounts, a subject Musk has frequently raised and for which he almost withdrew his plans of $44 billion acquisition.
Binance to help Twitter with Blockchain tech
As one of Elon Musk’s $44 billion acquisition’s co-investors, Binance announced that it will provide him with ideas and plans to assist him in running the social media platform.
Interestingly, in June this year, Elon Musk warned to withdraw himself from the contract if the data transparency conflict continues. After months of twists and turns inside and outside the judiciary, finally resulted in Musk taking over the twitter and firing the social media platform’s top executives.
Under the leadership of former CEO Jack Jack Dorsey, a supporter of bitcoin, Twitter had begun to look into how to apply blockchain technology. Tesla CEO addressed the potential of putting Twitter on the blockchain in text messages with close associates that were made public as part of the Twitter lawsuit, however, he eventually seemed to decide such a move would not be successful.
Since Musk has complete control over the board and decision-making in the now-private Twitter, it is unknown how actively involved investors like Binance would be. Funds like Sequoia Capital, Fidelity Management, Andreessen Horowitz, and Brookfield make up the majority of his co-investors.
Binance has recently intensified its efforts to promote Blockchain technology adoption. It has joined hands with several governments across the world to implement the emerging technology in their existing systems. In July, the exchange CEO CZ met finance minister of Turkey to discuss Blockchain adoption in the region, as TheCoinRise reported.
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