Binance Holdings Ltd. is forming a team to explore how blockchain and cryptocurrencies could help Twitter, of which it is an equity investor. This comes as part of a wider trend of businesses investigating how these technologies can be used to improve existing platforms and services.
The world’s largest crypto exchange, Binance, appears to be seeking an active role in how Twitter is run. On Friday, Binance confirmed that it had made an investment as part of Elon Musk’s takeover of the platform.
Binance is putting together a team to explore how blockchain and cryptocurrency could be used to help Twitter, and to come up with plans and strategies that could make Elon Musk's vision a reality. According to a spokesperson, the team is still in the early stages of development and there are still a lot of details to be worked out.
Areas of focus for Twitter's blockchain partnership with Square could include on-chain solutions to address some of the platform's issues, such as the proliferation of bot accounts, according to a spokesperson. 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.
Twitter representatives were not available to comment when contacted outside of normal business hours.
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