AIRLINK 199.40 Increased By ▲ 1.43 (0.72%)
BOP 9.95 Decreased By ▼ -0.09 (-0.9%)
CNERGY 7.50 Increased By ▲ 0.21 (2.88%)
FCCL 39.05 Increased By ▲ 3.05 (8.47%)
FFL 16.82 Decreased By ▼ -0.09 (-0.53%)
FLYNG 27.54 Increased By ▲ 2.50 (9.98%)
HUBC 135.48 Increased By ▲ 1.45 (1.08%)
HUMNL 14.25 Increased By ▲ 0.11 (0.78%)
KEL 4.77 Decreased By ▼ -0.01 (-0.21%)
KOSM 6.78 Decreased By ▼ -0.16 (-2.31%)
MLCF 46.60 Increased By ▲ 1.62 (3.6%)
OGDC 217.10 Decreased By ▼ -1.13 (-0.52%)
PACE 6.99 Increased By ▲ 0.05 (0.72%)
PAEL 41.60 Increased By ▲ 0.18 (0.43%)
PIAHCLA 17.05 Increased By ▲ 0.19 (1.13%)
PIBTL 8.60 Increased By ▲ 0.14 (1.65%)
POWER 9.74 Increased By ▲ 0.35 (3.73%)
PPL 184.30 Decreased By ▼ -1.63 (-0.88%)
PRL 42.46 Increased By ▲ 1.19 (2.88%)
PTC 25.08 Increased By ▲ 0.31 (1.25%)
SEARL 104.35 Decreased By ▼ -0.30 (-0.29%)
SILK 1.01 No Change ▼ 0.00 (0%)
SSGC 40.60 Decreased By ▼ -0.31 (-0.76%)
SYM 17.80 Decreased By ▼ -0.25 (-1.39%)
TELE 8.86 Decreased By ▼ -0.05 (-0.56%)
TPLP 13.10 Increased By ▲ 0.26 (2.02%)
TRG 66.37 Decreased By ▼ -0.23 (-0.35%)
WAVESAPP 11.40 Increased By ▲ 0.10 (0.88%)
WTL 1.77 Decreased By ▼ -0.01 (-0.56%)
YOUW 4.00 No Change ▼ 0.00 (0%)
BR100 12,141 Increased By 31.2 (0.26%)
BR30 36,853 Increased By 255.1 (0.7%)
KSE100 115,164 Increased By 122.1 (0.11%)
KSE30 36,224 Increased By 24.2 (0.07%)

Binance, the world’s largest crypto exchange that has invested $500 million into Elon Musk’s buyout of Twitter Inc, is creating a team to work on how blockchain and crypto could be helpful to Twitter, the company’s spokesperson said on Friday.

As one of Elon Musk’s equity co-investors to fund his $44 billion deal, Binance said it will brainstorm plans and strategies that could help Elon Musk run the platform.

The newly-formed team will explore how to build on-chain solutions to address Twitter’s issues including proliferation of bot accounts, a problem Musk has repeatedly complained about and almost reneged his offer on.

Musk’s Twitter takeover saga came to an end on Thursday when the deal officially closed after months of twists and turns in and outside the courtroom, and Musk immediately fired top chief executives at the social media platform.

Twitter had began to explore ways to incorporate blockchain technology under co-founder and former CEO Jack Dorsey, who has been a proponent of bitcoin.

Elon Musk takes control of Twitter, fires executives

In November 2021, Twitter launched an internal crypto team to build features that involve such technologies. The company introduced the ability for paid Twitter subscribers to use non-fungible tokens (NFTs) as their avatar photo.

In text messages with confidants that were released as part of the litigation with Twitter, Musk discussed the possibility of placing Twitter on the blockchain, though he later appeared to decide such a move would not work.

It’s unclear how actively involved co-investors like Binance could be in Twitter’s future as a minority investor, since Musk fully controls the board and decision-making in the now-private Twitter. Most of his co-investors are funds such as Sequoia Capital, Fidelity Management, Andreessen Horowitz and Brookfield.

Binance’s Chief Executive Changpeng Zhao, known as CZ, is an active Twitter user with over 7 million followers on the platform.

Comments

Comments are closed.