Binance, the world's largest crypto exchange, which has invested $500 million in Elon Musk's buyout of Twitter Inc, is forming a team to investigate how blockchain and crypto can help Twitter, according to a company spokesperson on Friday.
Binance said it will brainstorm plans and strategies that could help Elon Musk run the platform as one of Elon Musk's equity co-investors to fund his $44 billion deal.
The newly formed team will investigate how to build on-chain solutions to address Twitter's issues, such as the proliferation of bot accounts, which Musk has repeatedly complained about and nearly reneged on his offer to address.
Musk's Twitter takeover saga concluded on Thursday when the deal was officially closed after months of twists and turns in and out of court, and Musk immediately fired top executives at the social media platform.
Under co-founder and former CEO Jack Dorsey, a bitcoin supporter, Twitter began to investigate ways to incorporate blockchain technology.
Twitter established an internal crypto team in November 2021 to develop features involving such technologies. The company made it possible for paid Twitter subscribers to use non-fungible tokens (NFTs) as avatar photos.
Musk discussed the possibility of putting Twitter on the blockchain in text messages with confidants that were released as part of the Twitter litigation, though he later appeared to decide such a move would not work.
Because Musk fully controls the board and decision-making in the now-private Twitter, it's unclear how actively involved co-investors like Binance could be in Twitter's future as a minority investor. Sequoia Capital, Fidelity Management, Andreessen Horowitz, and Brookfield are among his co-investors.
Binance CEO Changpeng Zhao, also known as CZ, is an active Twitter user with over 7 million followers.
(Source:www.news18.com)
Binance said it will brainstorm plans and strategies that could help Elon Musk run the platform as one of Elon Musk's equity co-investors to fund his $44 billion deal.
The newly formed team will investigate how to build on-chain solutions to address Twitter's issues, such as the proliferation of bot accounts, which Musk has repeatedly complained about and nearly reneged on his offer to address.
Musk's Twitter takeover saga concluded on Thursday when the deal was officially closed after months of twists and turns in and out of court, and Musk immediately fired top executives at the social media platform.
Under co-founder and former CEO Jack Dorsey, a bitcoin supporter, Twitter began to investigate ways to incorporate blockchain technology.
Twitter established an internal crypto team in November 2021 to develop features involving such technologies. The company made it possible for paid Twitter subscribers to use non-fungible tokens (NFTs) as avatar photos.
Musk discussed the possibility of putting Twitter on the blockchain in text messages with confidants that were released as part of the Twitter litigation, though he later appeared to decide such a move would not work.
Because Musk fully controls the board and decision-making in the now-private Twitter, it's unclear how actively involved co-investors like Binance could be in Twitter's future as a minority investor. Sequoia Capital, Fidelity Management, Andreessen Horowitz, and Brookfield are among his co-investors.
Binance CEO Changpeng Zhao, also known as CZ, is an active Twitter user with over 7 million followers.
(Source:www.news18.com)