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Binance Wants to Team Up with Elon Musk to Integrate Crypto to Twitter

Binance is setting up a unit dedicated to helping Twitter with its crypto projects, including fighting bots.

Changpeng Zhao at Binance Blockchain Week 2019
Photo: Binance

Key Takeaways

  • Elon Musk now owns Twitter.
  • Binance is reportedly creating a team that would be tasked to support Musk's efforts to integrate crypto into the platform.
  • Binance previously committed $500 million to Musk's bid.

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Binance is reportedly looking for ways to further help Elon Musk with his crypto plans regarding Twitter. The platform has already invested $500 million into Musk’s acquisition.

Binance’s Twitter Push

Binance is set on teaming up with Elon Musk to make Twitter a more crypto-friendly platform.

According to a new report from Reuters, leading global cryptocurrency exchange Binance is currently creating a team that would “work on how blockchain and crypto could be useful to Twitter.”

The Binance team would reportedly address various issues regarding crypto integration to the social media platform, including how to fight crypto spam bots. Crypto bots have becoming a particularly salient issue as of late, with both Musk and Binance CEO Changpeng “CZ” Zhao being frequently impersonated despite their “blue check” verification badges.

This is not the first time Binance has expressed support for Musk’s buyout. In May, the exchange put up $500 million to help Musk acquire the social media platform. Zhao himself previously stated that he would be disappointed if the takeover—which for a while seemed off the table—ended up not happening. “If Elon goes through with the deal we’re committed… if he doesn’t, we’re off.” He further said that Binance was “hoping to be able to contribute to Twitter somehow.”

Musk took control of Twitter yesterday afternoon and proceeded to immediately lay off four of the company’s top executives, including then-CEO Parag Agrawal. Twitter has already announced that previously suspended accounts would soon be reinstated—most notably U.S. President Donald Trump’s. Musk’s takeover of the platform is largely seen as a positive development by the crypto industry, which tends to use Twitter as its cultural hub. Among other things, Musk has expressed an interest in integrating crypto payment rails into the platform.

Disclaimer: At the time of writing, the author of this piece owned BTC, ETH, and several other cryptocurrencies.

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