The post Binance To Help Elon Musk Tackle Twitter’s Bot Issues appeared first on Coinpedia Fintech News
After more than six months of public and legal battling over the deal, Elon Musk has assumed control of Twitter and completed his $44 billion acquisition of the social media platform.
Twitter will now be a private corporation and shareholders will receive $54.20 per share. The takeover brings to an end a complex process that started in January.
Now in the latest development, in order to tackle Twitter’s bot accounts with the use of blockchain and cryptocurrency, Binance is forming an internal team. Apparently, Binance is assembling a team to work on cryptocurrency-based Twitter solutions, according to a spokeswoman for the cryptocurrency exchange.
With a $500 million commitment to bridging social media and news to Web3, the largest cryptocurrency exchange in the world today revealed that it is an equity investor in Twitter. In a tweet, Zhao claimed that two days prior, Binance had sent over $500 million as part of the transaction.
Elon Musk and his vision backed by Binance?
In an interview with Decrypt, a Binance spokesperson said, “Binance is creating an internal team to focus on ways that blockchain and crypto could be helpful to Twitter and actively brainstorming plans and strategies that could help Elon Musk realize his vision.”
He added, “For example, how can we build on-chain solutions to address some of Twitter’s issues, such as the proliferation of bot accounts in recent years. We are in the early stages now and still figuring out a plan.”
The exchange will reportedly help Elon Musk in creating strategic plans for Twitter’s expansion. The business will come up with ideas and tactics that could improve Twitter’s operations. The transition occurs when Twitter undergoes a paradigm shift as a result of Elon Musk’s takeover. In his reflections on the goal driving his acquisition of Twitter, Elon Musk stated that he wants the platform to lessen differences.