Binance could form a team to support Twitter's blockchain efforts

Binance has also confirmed that it helped fund Elon Musk's acquisition of the platform with $500 million.

According to reports on October 28, crypto exchange Binance intends to create a team to work on crypto and blockchain solutions for Twitter, following the acquisition of the social media company by the tech billionaire Elon Musk.

The development came hours after Binance Founder and CEO Changpeng "CZ" Zhao confirmed that the company had backed Musk with $500 million in funding, making the crypto exchange the fourth largest contributor to the takeover among 19 investors who provided $7. billion to the founder of Tesla.

On Twitter, CZ confirmed that the money had been wired earlier this week and clarified that the transaction was made through traditional banking services using fiat currency, not through cryptocurrencies or cryptocurrency protocols. blockchain.

In May 2022, the crypto exchange had indicated that it would co-invest on Twitter, alongside other investors including the Lawrence J. Ellison Revocable Trust, Sequoia Capital Fund and Fidelity Management. At the time, CZ called the company's investment "a small contribution to the cause".

Musk, the billionaire CEO and founder of Tesla, officially announced the acquisition of Twitter on April 25, with the $44 billion deal pending approval from Twitter shareholders and regulators. He has previously said that removing spam and scam bots, including those related to crypto, will be one of his top priorities for the company.

I feel a lot safer on my Twitter account now that Elon is down there.

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Prior to partnering in the acquisition of Twitter,