In line with studies, Binance has invested $500 million into Elon Musk Twitter deal

Stories counsel that the world largest crypto buying and selling platform ‘Binance’ additionally had a share in Elon Musk’s Twitter buyout. The crypto large has invested a complete of $500 million into Elon Musk’s $44 billion deal and is now working in the direction of making a workforce that may discover methods during which blockchain and crypto might be useful to the world.

This Binance workforce will work to handle a lot of points on Twitter and assist remedy them with on-chain options. One in every of these points is the proliferation of bot accounts on Twitter, which is a grave downside for the platform and precipitated it to obtain large criticism.

Bot accounts are prevalent on Twitter, oftentimes customers discover a lot of accounts tweeting nearly unbelievable information, propaganda or misinformation. All of that is unfold by means of bot accounts. The issue is so severe that Musk as soon as modified his thoughts about shopping for Twitter due to the bot accounts on the platform.

Musk’s Twitter deal lastly got here to a conclusion when he was lastly capable of purchase out the corporate on Thursday twenty seventh October. The billionaire since his first look within the Twitter head workplace has made some massive adjustments that features firing many top executives including CEO Parag Agrawal.

Whereas this would be the first time a correct blockchain targeted firm will look into Twitter, this isn’t the primary time Twitter is experiencing blockchain expertise. Jack Dorsey, Twitter’s CEO up till 2021 was additionally a blockchain fanatic and constructed an inner crypto workforce for Twitter.

This inner workforce launched the flexibility for paid Twitter subscribers to make use of non-fungible tokens (NFTs) as their profile picture. With Binance working actively with the platform, we’d see extra such blockchain associated options on the platform.

 

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