After allocating $500 million to support Elon Musk’s Twitter buyout, the world’s largest crypto exchange said it wants to establish a dedicated unit to help the social media platform’s upcoming challenges.
- The statement from the company, as reported by Bloomberg, informed that one of the key areas where Binance wants to help the most is battling bots.
- Fake accounts have been a major issue for the social media giant, especially such that promote fraudulent scams, many of which involve cryptocurrencies.
- In fact, one of Musk’s reasoning for why he wanted to acquire Twitter was to get rid of bots. However, this could have actually ruined the deal at one point since the company failed to provide the precise number of its active users, and Musk wanted to back off.
- Following the launch of a lawsuit, though, the billionaire changed his mind once more and paid the initially-agreed price a few days ago. As a result, Twitter’s shares were removed from some of the largest exchanges, given Musk’s promise to make it a private company.
“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.” – reads Binance’s statement.
- Once Musk outlined his original plans earlier this year, Binance said it wanted to allocate $500 million for the purchase, which it did when the deal went through, according to Changpeng Zhao.