Crypto exchange Binance, in the latest development, has offered to team up with Elon Musk in order to make Twitter more crypto-friendly.
Elon Musk has finally taken control of Twitter and has concluded the $44 billion acquisition. Twitter is now a private corporation and shareholders are set to receive $52.40 per share.
The takeover was finally completed after almost six months of a lengthy and complex process.
Binance, the world’s most renowned crypto platform has decided to tackle Twitter bot accounts with the help of blockchain and cryptocurrency.
According to reports, the crypto platform is forming a separate internal team to deal with the issue.
This team will specifically work on providing crypto-based Twitter solutions as mentioned by Binance’s spokesperson.
Binance recently also revealed that it has been an equity investor in Twitter with $500 million worth of investment to help bring social media and Web3 closer.
This news was confirmed through a tweet by the CEO of Binance, Changpeng Zhao.
Twitter Is Aiming At Turning Crypto-Friendly
This new move by Binance targets turning the social media giant, Twitter, into a crypto-friendly platform.
This is also why Binance will be dedicating an entire team to looking after the current issues caused by Twitter bots.
This team will address many issues that are pertaining to the crypto integration into the social media platform, and a part of that includes tackling these spam bots.
Crypto bots have particularly raised a lot of issues in the recent past.
These bots have also impersonated both Elon Musk and Changpeng Zhao, the CEO of Binance’s accounts.
The accounts had the “blue check” badges, which are supposed to authenticate and verify an account.
Binance mentioned,
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. 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.
Not The First Time Binance Expressed Interest In Elon Musk’s Twitter Buyout
Earlier this year, Binance had offered to pay $500 million in order to help Musk acquire the social media platform. He also mentioned that it would be disappointing if the takeover did not happen.
Zhao had stated, “If Elon goes through with the deal we’re committed… if he doesn’t, we’re off.” Binance also wanted to contribute to Twitter in any manner only if Elon Musk took over.
Elon Musk took control of Twitter and decided to immediately lay off four of the company’s top executives, which included the then CEO, Parag Agrawal.
Twitter had also mentioned that previously suspended accounts would be restored, which included US President Donald Trump’s account too.
This takeover has been accepted very well by the blockchain community as this could possibly lead to various developments between Twitter and the blockchain community.
Elon Musk has also expressed his interest in bringing in crypto payment rails on Twitter.
Featured image from Protocol, chart from TradingView.com