Report Says Binance Plan to Help Elon Musk in Integrating Crypto Assets into Twitter.
In an effort to help Elon Musk integrate blockchain technology into Twitter’s business model, the world’s largest cryptocurrency exchange is reportedly putting together a new team.
Binance Implementing Blockchain on Twitter
Binance will assist the business magnate in determining how crypto assets can be integrated into Twitter, according to a new report by Reuters.
In response to Musk’s plans to acquire Twitter earlier this year, Binance pledged to invest $500 million in the company.
According to a report, Binance will seek crypto-based solutions to Twitter’s many problems, including spam bots, which caused Tesla CEO Elon Musk to consider canceling his bid.
Following months of negotiations, Musk officially bought Twitter for $44 billion earlier this week. Musk first offered to buy Twitter back in April.
After taking over the company, the billionaire promised to clean house and fired top executives, naming himself CEO.
Acquisition Will Accelerate Adoption of Blockchain and Crypto Assets
In May, Binance announced that it would co-invest with Musk, saying Musk’s leadership would merge social media and web services.
Crypto assets and blockchain technologies will also gain more traction as a result of the acquisition, the company said.
7.1 million Twitter followers of Binance CEO Changpeng Zhao have been informed that the money has been wired over a few days ago.
“Our intern says we wired the $500 million two days ago, probably just as I was being asked about Elon/Twitter,” he tweeted on his Twitter account.
Since twitter plays a major role in the crypto ecosystem, it will only make sense for crypto companies to have a stake in it. I love Cz for always putting the crypto community first.
We can now say goodbye to bots😆😆
— Ayo.E (@nahweoh) October 28, 2022
“Since twitter plays a major role in the crypto ecosystem, it will only make sense for crypto companies to have a stake in it. I love Cz for always putting the crypto community first. We can now say goodbye to bots😆😆,” One Twitter user commenting on CZ’s post.