Binance announces plans to implement blockchain technologies into Twitter

The crypto exchange intends to solve some of the platform’s problems, including the proliferation of bots

29.10.2022 - 07:30

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What’s new? Cryptocurrency exchange Binance will create a team to work on the implementation of blockchain and cryptocurrencies into the social network Twitter. A spokesperson for the exchange said that the team will be tasked with developing strategies to manage the platform. In particular, the developers are exploring ways to solve some of Twitter’s problems, such as the proliferation of bots, Reuters reports.

Material by Reuters

What happened before? A large number of bots and fake accounts almost caused Elon Musk to refuse to buy Twitter. He claimed that representatives of the social network did not provide him with information about the share of such accounts on the platform. The billionaire also publicly complained that 90% of the comments under his tweets were written by bots, including fake Binance CEO Changpeng Zhao. Despite this, the $44 billion deal was closed on October 28.

Zhao later confirmed that Binance invested $500 million in Musk’s purchase of Twitter. He noted that the exchange intends to participate in the merger of social networks and Web 3.0, as this will expand the use of cryptocurrencies.

Also after the purchase, Twitter developers announced the NFT Tweet Tiles feature, which will allow NFT trading directly through tweets. The social network has agreements with marketplaces Magic Eden, Rarible, Dapper Labs, and Jump.trade.

For more details on how Elon Musk’s purchase of Twitter will affect the crypto market, see GetBlock Magazine’s editorial.

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