According to reports, Binance has invested $500 million into Elon Musk Twitter deal
Reports suggest that the world largest crypto trading platform ‘Binance’ also had a share in Elon Musk’s Twitter buyout. The crypto giant has invested a total of $500 million into Elon Musk’s $44 billion deal and is now working towards creating a team that will find ways in which blockchain and crypto can be helpful to the world.
This Binance team will work to address a number of issues on Twitter and help solve them with on-chain solutions. One of these issues is the proliferation of bot accounts on Twitter, which is a grave problem for the platform and caused it to receive massive criticism.
Bot accounts are prevalent on Twitter, oftentimes users notice a number of accounts tweeting almost unbelievable news, propaganda or misinformation. All of this is spread through bot accounts. The problem is so serious that Musk once changed his mind about buying Twitter because of the bot accounts on the platform.
Musk’s Twitter deal finally came to a conclusion when he was finally able to buy out the company on Thursday 27th October. The billionaire since his first appearance in the Twitter head office has made some big changes that includes firing many top executives including CEO Parag Agrawal.
While this will be the first time a proper blockchain focused company will look into Twitter, this is not the first time Twitter is experiencing blockchain technology. Jack Dorsey, Twitter’s CEO up until 2021 was also a blockchain enthusiast and built an internal crypto team for Twitter.
This internal team introduced the ability for paid Twitter subscribers to use non-fungible tokens (NFTs) as their profile photo. With Binance working actively with the platform, we might see more such blockchain related features on the platform.