The newly formed team will explore how to build on-chain solutions to tackle Twitter’s problems, including the proliferation of bot accounts, an issue Musk has repeatedly complained about.
The saga of Musk’s takeover of Twitter came to an end on Thursday, when the deal officially closed after months of gyrations in and out of court, and Musk immediately fired the social media platform’s top executives.
Twitter had begun exploring ways to incorporate blockchain technology under co-founder and former CEO Jack Dorsey, who has been a proponent of bitcoin.
In November 2021, Twitter launched an internal crypto team to build features involving such technologies. The company introduced the ability for paying Twitter subscribers to use non-fungible tokens (NFTs) as their avatar photo.
In text messages with confidants made public as part of the Twitter litigation, Musk discussed putting Twitter on the blockchain, though he later seemed to decide that move would not work.
It is unclear to what extent co-investors like Binance could be actively involved in Twitter’s future as a minority investor, as Musk fully controls the board of directors and decision-making at the now-private Twitter. Most of his co-investors are funds such as Sequoia Capital, Fidelity Management, Andreessen Horowitz and Brookfield.
Binance CEO Changpeng Zhao, known as CZ, is an active Twitter user with more than 7 million followers on the platform.
Source: Ambito
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