Binance Creates New Group For Blockchain Research On Twitter

Binance, the world’s largest cryptocurrency exchange, has invested $500 million in Elon Musk’s acquisition of Twitter Inc. According to Reuters, the exchange is forming a research team so that blockchain and cryptocurrency can be useful for Twitter.

According to Reuters, a spokesperson for Binance said that the company is forming a new team dedicated to researching how to use blockchain technology and cryptocurrencies to help Twitter.

As one of Elon Musk’s equity co-investors to fund his $44 billion acquisition, Binance transferred $500 million to Musk to help him acquire Twitter. This is part of their strategy to bring news and social media websites to the Web3. Besides, they will consider plans and strategies that can help Elon Musk run this platform.

The new Binance team will explore how to build on-chain solutions to deal with Twitter’s existing problems, including the flood of bot accounts that Musk has repeatedly complained about and is also one of the main reasons why this billionaire refused to make the acquisition.

On October 27, Elon Musk completed the acquisition of Twitter after a long legal battle between the two sides. Immediately after becoming the owner, he immediately fired the company’s executives to usher in the reform of this social platform.

Currently, Twitter has been exploring ways to integrate blockchain technology under the leadership of Lianchuang and former CEO Jack Dorsey, who is also a Bitcoin advocate.

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