Binance is creating an internal team to help Twitter fight bot accounts using blockchain and crypto, the exchange confirmed to Decrypt on Friday.
The world’s biggest cryptocurrency exchange today announced itself as an equity investor in Twitter, pledging $500 million towards helping bridge social media and news to Web3.
Elon Musk on Thursday completed a $44 billion acquisition of Twitter. The world’s richest man and CEO of electric car company Tesla has repeatedly complained about spam accounts on the social media platform.
“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 Binance spokesman told Decrypt.
“For example, how can we build on-chain solutions to address some of Twitter’s issues, such as the proliferation of bot accounts in recent years. We are in the early stages now and still figuring out a plan.”
Musk will become Twitter’s CEO, according to reports. The eccentric billionaire, who tweets constantly, previously said he would slash staff at the company by 75% after taking over—but this week backtracked and claimed he wouldn’t.
It is also expected that Musk will restore accounts previously banned from the platform. In January 2021, ex-president Donald Trump was permanently banned from using Twitter.
Musk, who said he was buying Twitter to ensure the “future of civilization,” is no stranger to cryptocurrency. Tesla is one of the largest corporate holders of Bitcoin—despite having sold 75% of its holdings. And Musk has frequently pumped the original meme coin, Dogecoin; in April, he said the cryptocurrency could be used for payments on Twitter.