Binance is going to create a team to help Twitter fight against bot accounts by using crypto

On the 28th of October, Binance, the largest crypto exchange in the world, confirmed to Decrypt that it is creating an internal team to help Twitter fight against bot accounts by using crypto and blockchain. 

Today, Binance also announced itself as an equity investor on Twitter. Binance invested in bringing social media and Web3 together to broaden the use and adoption of crypto and blockchain technology. Binance confirmed a $500M investment in Musk’s Twitter takeover to help bridge social media and news into Web3.

On the 27th of October, Elon closed the deal with Twitter for $44 billion. Previously, Elon, the world’s richest man and CEO of the electric car company Tesla, has repeatedly complained about spam accounts on this platform. After taking charge on Twitter on the 28th of October, Elon tweeted that the bird is freed.

About their move to create an internal team to help Twitter, a spokesperson of Binance told Decrypt that Binance is creating an internal team to focus on ways that blockchain and crypto could be helpful to Twitter. Moreover, the spokesperson said that they are actively brainstorming plans and strategies that could help Elon Musk realize his vision.

The spokesperson indicated that they could build on-chain solutions to address some of Twitter’s issues, like the proliferation of bot accounts in recent years. He confirmed that, at this time, they are in the early stages and still figuring out a plan.

According to a Bloomberg report, it is expected that Musk will become Twitter’s CEO. Previously, Musk constantly tweeted that he would slash 75% of the company staff after taking charge, but this week, he backed from his words and claimed he wouldn’t do this.

It is also expected that Musk will restore accounts that Twitter previously banned, such as ex-president Donald Trump’s account, which was permanently banned in 2021. It is also expected that Musk will use his favorite cryptocurrency Dogecoin, also known as meme coin, for payments on Twitter.