Elon Musk has become Twitter’s new CEO, after striking a $44 billion deal with the company. Binance, which is the world’s largest crypto exchange by market capitalization, backed Musk with $500 million. Now, the co-investor in Twitter’s new CEO is building a team with a purpose.
Helping Twitter grow with blockchain technology
According to a recent article from the Financial Post, Binance is currently setting up a team for Twitter. The latter will lead thoughts on how Twitter can use blockchain technology, with crypto in particular to develop further. This information comes from recent statements by the company’s spokesperson.
It must be said that the Binance exchange had said that it would lead discussions to establish plans and strategies that could facilitate the management of Twitter for Elon Musk. The team that Binance has formed is expected to soon come up with blockchain-based solutions to solve the social network’s problems.
Binance should in particular help Twitter tackle the proliferation of bot accounts. This problem, which Musk has always considered very serious, had been the cause of the cessation of negotiations for the takeover of Twitter. The Tesla boss seems to really want it resolved as soon as possible.
Make an old social network project a reality
When co-founder Jack Dorsey was still the company’s CEO, Twitter was thinking already to how to use the blockchain in its ecosystem. The platform even launched, in November 2021, an internal team made up of crypto specialists. The latter had to create functionalities from blockchain technology and crypto.
Later, Twitter came with a feature that allowed paid subscribers to use an NFT as their avatar photo. We have learned that Elon Musk has, in the meantime, considered placing Twitter on the blockchain. However, he ultimately decided that this could not be done.
This Thursday, Elon Musk officially concluded the agreement for the takeover of Twitter. He soon took over the management of the company and fired its key senior executives. Elon Musk has barely become the boss of Twitter when actions are already being implemented to make the platform more dynamic. Everything suggests that the social network will undergo significant changes in the days to come.
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