Crypto Exchange Binance Will Work With Elon Musk to TackleTwitter Bots Issue

On Friday, October 28, the world’s richest man Elon Musk closed his $4 billion acquisition of social media giant Twitter after months on enmity between his legal team and the Twitter board.

World’s largest crypto trading platform has pledged $500 million investment in the Twitter deal and will be working with Elon Musk and the Twitter team on how blockchain and cryptocurrencies could be helpful for the platform.

One of the Binance spokesperson said that the exchange will brainstorm strategies and plans that will help Elon Musk to run the platform. Besides, Binance will explore some on-chain solutions to address one of Twitter’s major issues of bot accounts.

Under the leadership of Twitter founder Jack Dorsey, the social media platforms was already experimenting with ways to incorporate blockchain technology on the platform. Jack Dorsey has been a huge proponent of blockchain and digital assets, especially Bitcoin.

A similar proposal to bring blockchain to Twitter was put forward by FTX chief Sam Bankman-Fried last month. However, Elon Musk rejected it saying: “Blockchain Twitter isn’t possible, as the bandwidth and latency requirements cannot be supported by a peer-to-peer network, unless those ‘peers’ are absolutely gigantic, thus defeating the purpose of a decentralized network”.

Last year in November 2021, Twitter also launched an internal team to build features catering to the use of crypto technology. The company also introduced a facility for Twitter users to use non-fungible tokens (NFTs) as their avatar photo.

This new move from Binance will target turning Twitter into a crypto-friendly platform. In addition to addressing the issue of Twitter bots, Binance’s team will also address issue pertaining to crypto integration into the platforms.

Crypto bots have been creating a huge menace on Twitter in recent times. Besides, impersonators of famous personalities have been floating attractive crypto schemes to lure gullible investors.

In the latest development, Binance said: "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. 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”.

Elon Musk’s acquisition of Twitter has got the crypto community excited, especially the Dogecoin investors. Over the last week, the DOGE price has skyrocketed 50% moving to $0.1.