Elon Musk has become Twitter’s new CEO after closing a $44 billion deal with the company. Binance, the world’s largest crypto exchange by market capitalization, backed Musk with $500 million. Now the co-investor in Twitter’s new CEO is building a team with a purpose.
Helping Twitter grow with blockchain technology
According to a recent article in the Financial Post, Binance is currently building a team for Twitter. The latter will lead thoughts on how Twitter can use blockchain technology, with crypto in particular to develop further. This one information comes from recent statements by the company’s spokesperson.
It should be said that the Binance exchange had said it would lead discussions to create plans and strategies that could facilitate Twitter management for Elon Musk. The team that formed Binance is expected to come up with blockchain-based solutions soon to solve the social network’s problems.
Binance in particular should help Twitter tackle the proliferation of bot accounts. This problem, which Musk has always considered very serious, had been the cause of the breakdown of negotiations for the acquisition of Twitter. The Tesla boss really seems to want it resolved as soon as possible.
Make an old social networking project a reality
When co-founder Jack Dorsey was still CEO at the company, Twitter was already thinking about how to use blockchain in its ecosystem. The platform even launched an in-house team of crypto specialists in November 2021. The latter had to create functionalities from blockchain technology and crypto.
Later, Twitter came up with a feature that allowed paid subscribers to use an NFT as their avatar photo. We learned that Elon Musk has considered putting Twitter on the blockchain in the meantime. In the end, however, he decided that this was not possible.
On Thursday, Elon Musk officially closed the agreement to acquire Twitter. He soon took control of the company and fired key senior executives. Elon Musk has only just become the boss of Twitter when actions are already being taken to make the platform more dynamic. Everything indicates that the social network will undergo major changes in the coming days.
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Far from dampening my enthusiasm, a failed investment in a cryptocurrency in 2017 only added to my enthusiasm. I therefore decided to study and understand the blockchain and its many applications and to pass on information about this ecosystem with my pen.