Crypto Exchange Binance to Help Twitter with Blockchain Under Musk's Leadership

Crypto exchange Binance, which partially funded Elon Musk's purchase of Twitter, will help the platform with blockchain. The collaboration will help integrate the technology even more into Twitter and continue its spread started by former CEO Jack Dorsey.

Binance, the world's largest cryptocurrency exchange that invested $500 million in Elon Musk's purchase of Twitter Inc, has set up a team to work on how blockchain and cryptocurrencies can be useful for Twitter, a company spokesman said on Friday, according to Channel News Asia. Binance said it will brainstorm plans and strategies that could help Musk run the platform.

The newly formed team will explore how to build on-chain solutions to address Twitter's problems, including the spread of bot accounts. It is blockchain technology that can offer real solutions to an existing problem. In fact, a blockchain is a continuous sequential chain of blocks containing information built according to certain rules. The information in the blocks cannot be changed, so the information recorded in the blockchain has extremely high reliability.

Twitter began exploring ways to implement blockchain technology under the leadership of co-founder and former CEO Jack Dorsey, who was a Bitcoin proponent. In November 2021, Twitter launched an internal crypto team to build features that use such technologies. The company introduced the ability for paid Twitter subscribers to use non-fungible tokens (NFTs) as their avatar photo. In addition, tips for creators in cryptocurrencies have become available, although only via Bitcoin or Ethereum.

© 2022, Eva Fox | Tesmanian. All rights reserved.

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