Binance helped Elon Musk buy Twitter and is creating a team to beat Twitter bots

    29 Oct 2022

    Crypto exchange Binance has confirmed its role as an equity investor in Elon Musk’s acquisition of Twitter. The exchange also told Decrypt it is creating an internal team to help Twitter fight bot accounts using blockchain and crypto technology.

    The world’s largest crypto exchange revealed it has invested $500 million as one of the equity co-investors to fund Elon Musk’s $44 billion buyout of Twitter Inc. Most of his co-investors are funds such as Sequoia Capital, Fidelity Management, Andreessen Horowitz, and Brookfield.

    “We’re excited to be able to help Elon realize a new vision for Twitter. 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,” Binance founder and CEO Changpeng “CZ” Zhao stated.

    Binance CEO is also an active Twitter user with over 7 million followers on the platform.

    After the deal closed on Oct. 27, Musk reportedly fired Twitter’s top executives, including CEO Parag Agarwal. Bloomberg reported that Musk plans to assume the role of Twitter CEO and reverse lifetime account suspensions on the social media platform.

    Binance will also brainstorm plans and strategies that could help Elon Musk run the platform by creating a team to work on how blockchain and crypto could be helpful to Twitter, the exchange’s spokesperson said on Oct. 28.

    The new team will explore how to build on-chain solutions to address Twitter’s issues including a spread of bot accounts, a problem Musk has repeatedly complained about.

    Musk’s Twitter takeover finished on Thursday when the deal officially closed after months of twists and turns in and outside the courtroom, and Musk immediately fired top chief executives at the social media platform.

    Before the deal, Elon Musk also shared further details of his plans for how crypto could be used on Twitter in a leaked Q&A session with employees of the social media company. The billionaire said it “makes sense” to integrate digital payments into the social platform.

    Last year, Twitter began exploring ways to incorporate blockchain technology under former CEO and Bitcoin proponent Jack Dorsey.

    Last November, Twitter launched an internal team to build features that involve crypto technologies. The company introduced the ability for paid Twitter subscribers to use NFTs as their avatar photos.

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