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Binance to Create Team to Support Twitter’s Blockchain Initiative
Major crypto exchange Binance is prepared to set up a unit of experts to aid Twitter’s crypto and blockchain-focused ventures. News of this emerged via a report on Oct 28 not long after Tesla billionaire Elon Musk completed the controversial, high-profile Twitter deal.
Musk Finalizes Twitter Deal
Binance’s new team will probe into the best ways to deal with Twitter’s drawbacks using blockchain technology. These include the abundance of bots on the platform, Musk’s single greatest issue with Twitter, and the reason he canceled the purchase earlier.
Indeed, the Tesla CEO backed out of the Twitter deal in July citing Twitter’s failure to present accurate data regarding false accounts. After a legal tussle that stretched across months, Musk finally went through with the takeover on Thursday. The platform’s new “Chief Twit” promptly dismissed some of its top executives.
I feel much more secure about my Twitter account now that Elon has sink'ed in there.
No API/bot comments
— CZ 🔶 Binance (@cz_binance) October 27, 2022
Binance Backs Twitter Takeover with $500M
Binance’s move comes shortly after founder Changpeng Zhao verified that the exchange had invested $500 million in the aforementioned buyout. Binance stated in May that it would invest in Twitter alongside 19 other investors including Lawrence J. Ellison Revocable Trust, Sequoia Capital Fund, and Fidelity Management.
Binance’s contribution set it in 4th place among the investors who contributed a total of $7 billion towards the Twitter purchase. CZ verified on Twitter that the funds had been transferred earlier this week describing it as a “small contribution to the cause.”
He added that the transaction had taken place via traditional banking services using fiat currency, not cryptocurrencies or blockchain protocols.
Twitter’s Possible Adoption of Blockchain
Notably, under the leadership of co-creator and ex-CEO Jack Dorsey, Twitter had already begun to consider blockchain adoption. Twitter set up an internal crypto team in November 2021 to build features that use these solutions. The company gave paid Twitter users the option of using non-fungible tokens (NFTs) as their avatar picture.
Dorsey, who is a well-known Bitcoin supporter, even discussed this with Musk in a text exchange that emerged during the Twitter v. Musk case. In the conversation, Dorsey suggested an alternative to traditional ownership. His idea was to see the platform receive funding from a foundation with zero control over the underlying, public protocol.
It can’t have an advertising model,” Dorsey stated. “If it has a centralized entity behind, it will be attacked.”
Dogefather Musk seemed to buy into Dorsey’s vision to some extent. He talked about incorporating his favorite digital asset meme token Dogecoin into the social media platform. The billionaire proposed that Twitter users should have to pay 0.1 Doge to post or repost comments.
The idea of blockchain free speech has been around for a long time,” Musk noted. “The questions are really about how to implement it.”