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Oct 28 (Reuters) – Binance, the world’s largest crypto trade that has invested $500 million into Elon Musk’s buyout of Twitter Inc, is making a group to work on how blockchain and crypto could possibly be useful to Twitter, the corporate’s spokesperson mentioned on Friday.
As one in every of Elon Musk’s fairness co-investors to fund his $44 billion deal, Binance mentioned it’ll brainstorm plans and methods that would assist Elon Musk run the platform.
The newly-formed group will discover the right way to construct on-chain options to handle Twitter’s points together with proliferation of bot accounts, an issue Musk has repeatedly complained about and nearly reneged his provide on.
Musk’s Twitter takeover saga got here to an finish on Thursday when the deal formally closed after months of twists and turns in and out of doors the courtroom, and Musk instantly fired high chief executives on the social media platform.
Twitter had started to discover methods to include blockchain know-how beneath co-founder and former CEO Jack Dorsey, who has been a proponent of bitcoin.
In November 2021, Twitter launched an inner crypto group to construct options that contain such applied sciences. The corporate launched the flexibility for paid Twitter subscribers to make use of non-fungible tokens (NFTs) as their avatar picture.
In textual content messages with confidants that had been launched as a part of the litigation with Twitter, Musk mentioned the potential of putting Twitter on the blockchain, although he later appeared to determine such a transfer wouldn’t work.
It is unclear how actively concerned co-investors like Binance could possibly be in Twitter’s future as a minority investor, since Musk absolutely controls the board and decision-making within the now-private Twitter. Most of his co-investors are funds corresponding to Sequoia Capital, Constancy Administration, Andreessen Horowitz and Brookfield.
Binance’s Chief Govt Changpeng Zhao, often called CZ, is an lively Twitter person with over 7 million followers on the platform.
Reporting by Krystal Hu in New York, extra reporting by Sheila Dang in Dallas
Our Requirements: The Thomson Reuters Trust Principles.
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