Binance Holdings Ltd., which is an equity investor in Elon Musk’s deal for Twitter, is forming a team to look at ways that blockchain and cryptocurrencies could help the social-media platform.
The world’s largest crypto exchange appears to be seeking an active role in how Twitter is run, after on Friday confirming that it had made an investment as part of Musk’s takeover of the platform.
“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,” a spokesperson said in a statement, adding that the effort was in its early stages and plans are still being worked out.
Areas of focus could include on-chain solutions “to address some of Twitter’s issues, such as the proliferation of bot accounts in recent years,” the spokesperson said. Musk has repeatedly highlighted the prevalence of bots, or automated accounts, as a concern and even cited them when trying to scrap the deal previously.
Twitter representatives didn’t immediately respond to a request for comment sent outside normal business hours.
Binance had confirmed that it’s an equity investor in Elon Musk’s $44 billion acquisition of Twitter Inc.
“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 said in a statement, citing Changpeng “CZ” Zhao, its billionaire co-founder.
Binance in May said it had committed $500 million for the takeover as part of its strategy to bring social media and news sites into the world of web3.
First Published: Oct 29, 2022 5:09 PM IST
