Following the Twitter acquisition, Binance, one of the biggest crypto exchange firms, has intended to form a team to provide crypto and blockchain solutions to Twitter. Binance Founder and CEO Changpeng Zhao said in a statement. “We aim to play a role in bringing social media and Web3 together in order to broaden the use and adoption of crypto and blockchain technology.”
Crypto and Blockchain Solutions to Help Fight Twitter Bots
The internal team that Binance CEO has intended to form will help with the Twitter Bots issues that have remained one of the biggest concerns for Elon Musk, which has also caused the deal to delay by several months. A spokesperson from Binance said, “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.”
The spokesperson further added, “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.” This new move by Binance wants to turn the social media giant Twitter into a crypto-friendly platform that also aligns with Musk’s vision. Patrick Hillman, Binance’s chief strategy officer, said, “As the world’s leading web3 infrastructure company, we’re looking forward to bringing new solutions to solve some of the issues inherent in the Web2 ecosystem.”
Binance CEO Injected $500 Million in Twitter Deal
Zhao has confirmed that his company has contributed $500 million to the Twitter takeover deal, making it the fourth biggest contributor. He confirmed that the money was wired earlier this week, and the transaction was performed via traditional banking services using fiat currency rather than cryptocurrencies or any blockchain protocols.
Also read: Andreessen Horowitz, Binance, and other Investors Back Musk’s Twitter Takeover with $7.1B in Support
