Crypto exchange Binance, Musk’s co-investor, to help Twitter with blockchain

The biggest cryptocurrency exchange in the world, Binance, which contributed $500 million to Elon Musk's acquisition of Twitter Inc., is forming a team to explore how blockchain technology and cryptocurrencies may benefit Twitter, according to a company representative on Friday. As one of Elon Musk's $44 billion equity co-investors, Binance said that it will come up with ideas and plans to assist him in running the platform.

The newly established team will look into developing on-chain solutions to deal with Twitter's problems, including as the rise of bot accounts, a subject Musk has often raised and for which he nearly withdrew his promise of support.

After months of twists and turns inside and outside the courts, Musk's takeover of Twitter finally came to a conclusion on Thursday. Musk then dismissed the social media platform's senior executives.

Under the leadership of former CEO Jack Dorsey, a supporter of bitcoin, and co-founder Jack Dorsey, Twitter has started to investigate how to use blockchain technology.

Twitter established an internal crypto team in November 2021 to create services using such technology. Non-fungible tokens (NFTs) are now an option for paying Twitter members, according to the firm, who may use them as their avatar picture.

Musk addressed the potential of putting Twitter on the blockchain in text exchanges with close friends that were made public as part of the Twitter lawsuit, however he eventually seemed to determine such a move would not be successful.

Since Musk has complete control over the board and decision-making at the now-private Twitter, it is unknown how actively engaged minority investors like Binance would be. Funds like Sequoia Capital, Fidelity Management, Andreessen Horowitz, and Brookfield make up the majority of his co-investors. Changpeng Zhao, the CEO of Binance and also known as CZ, has more than 7 million followers on Twitter.