Binance To Form A Team To Support Twitter’s Blockchain Efforts

Binance crypto exchange aims to form a team to work on crypto and blockchain solutions for Twitter, following the acquisition of the social media firm by tech billionaire Elon Musk, according to reports on Oct. 28.

iexclusivenews reports that the news comes only hours after Binance’s founder and CEO, Changpeng Zhao, or CZ, disclosed that the crypto exchange had backed Musk with $500 million in funding.

Making the crypto exchange the fourth-largest contributor to Tesla’s acquisition among 19 investors who contributed $7 billion to Musk.

CZ acknowledged that the funds were transferred earlier this week on Twitter and added clarification that the transaction was carried out using fiat money and conventional banking services rather than cryptocurrency or blockchain technology.

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The cryptocurrency exchange announced on Twitter in May 2022 that it will co-invest along with Sequoia Capital Fund. Fidelity Management, and Lawrence J. Ellison Revocable Trust. When the investment was made, CZ described it as a “modest contribution to the cause.”

Mr Musk, the billionaire CEO and founder of Tesla, officially announced the $44 billion acquisition of Twitter on April 25. With the transaction subject to approval by Twitter stockholders and regulators.

He previously claimed that one of his primary priorities for Twitter would be to remove spam and scam bots, particularly those related to cryptocurrency.

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Before collaborating on Twitter’s acquisition, Musk and CZ had a brief dispute on the platform last year. When Musk urged Binance to address Dogecoin withdrawal concerns.

Mr Musk paid $54.2 per share for the social network platform on October 27, bringing the total value of the transaction near to $44 billion. One of his first actions, the new owner fired the company’s top executives.

However, iexclusivenews Nigeria reports that as part of the agreement. Musk stated that he will take the firm private. Which will result in the company’s stock being delisted from the public market.