Elon Musk officially closed the deal with US$44 billion for Twitter takeover on Oct 27th after months of twists and turns. Among Musk’s co-investors, 19 different parties have committed around US$7.1 billion in total, which includes venture capital firm Sequoia Capital’s US$800 million, Fidelity Management invested US$316 million, Andreessen Horowitz and Brookfield. Binance’s Chief Executive Changpeng Zhao, known as CZ, also has disclosed that the company has invested around $500 million in the Twitter acquisition process, making it the fourth largest contributor.
“We aim to play a role in bringing social media and Web3 together in order to broaden the use and adoption of crypto and blockchain technology,” Zhao said.
It’s reported that Binance is building a team to help decipher how crypto and blockchain can help Twitter. While the exact products and solutions the team will offer remain unknown.
Binance’s research team will explore the possibilities of integrating solutions on the blockchain to solve the problems related to spam and bots that are Musk’s previous concern in terms of the redesign of the platform.
However, Twitter is not new to blockchain solutions. In November 2021, Twitter launched an internal crypto team to build features that involve such technologies. The company introduced the ability for paid Twitter subscribers to use non-fungible tokens (NFTs) as their avatar photo.