While Elon Musk has succeeded in his bet to buy Twitter. Binance, the world’s largest cryptocurrency exchange by market capitalization, announced at the Lisbon Web Summit that it is ready to support Tesla’s eccentric boss. The goal is to boost the development of the social network in the virtual currency sector.
Now that he owns about 1% of Twitter, the head of the main cryptocurrency exchange, Binance, has just invested $ 500 million in the social network. Now co-investor of new CEOChangpeng Zhao has a very specific goal: to support Twitter in everything it could do in cryptocurrencies and on the web3.
Support the development of Twitter through blockchain
At a time when we are slowly but surely entering a new era of the Internet in which the virtual currencies would be the fulcrum. Changpeng Zhao talked about creating a dedicated Twitter team. This will be responsible for conducting discussions and implementing plans and strategies so that the social network can rely on blockchain technology and in particular cryptocurrencies to maximize their development.
In his speech, the Binance spokesperson indicated that he has the technologies, know-how and products necessary to facilitate the management of Twitter for Elon Musk. And this, by offering blockchain-based solutions for solve social network problems. Among other things, Binance should be able to help Twitter overcome the proliferation of bot accounts. A problem that the new boss has always considered very serious. And that had also caused the termination of negotiations for the acquisition of Twitter.
Note that when co-founder Jack Dorsey was still the company’s CEO. He had already thought about how to use the blockchain in its ecosystem. Recall that the social network had even set up, in November 2021, an internal team composed of cryptocurrency specialists. This was specifically responsible for creating functionality from blockchain and cryptographic technology.
The following month, Twitter then added a feature that allowed paid subscribers to use a NFT as an avatar image.
Binance: a possible seat on the board of directors?
It is still not very clear what the true place of minority co-investors like Binance will be on Twitter. In fact the decision process of the company is now private. Not to mention that Elon Musk fully controls the scoreboard. However, the Binance boss raised the possibility of joining the company’s board of directors. And this, if the new boss asks him.
For now, what is certain is that the big hedge funds and fortunes that helped Elon Musk finance the Twitter acquisition will have to win a big place within the company. This is particularly the case with co-founder of Oracle software publisher Larry Ellison who wrote a check a billion. Not to mention Qatar Holding, which has brought some $ 5.2 billion.