A team is being formed by Binance Holdings Ltd. to investigate how blockchain technology and cryptocurrencies might benefit the social media platform. Binance Holdings Ltd. is an equity investor in Elon Musk’s acquisition for Twitter. The largest cryptocurrency exchange in the world looks to want a say in how Twitter is handled after admitting on Friday that it had contributed to Musk’s takeover of the social media network.
“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,” a spokesperson said in a statement, adding that the effort was in its early stages and plans are still being worked out.
Areas of focus could include on-chain solutions “to address some of Twitter’s issues, such as the proliferation of bot accounts in recent years,” the spokesperson said. Musk has repeatedly highlighted the prevalence of bots, or automated accounts, as a concern and even cited them when trying to scrap the deal previously.
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