Binance to help Twitter develop blockchain-related solutions

Binance, the world’s largest crypto-currency exchange platform by trading volume and one of Twitter’s newest financial partners, has unveiled plans to help the social network’s new owner, Elon Musk, explore new avenues through blockchain technology that would allow the platform to roll out new solutions.

As revealed by the exchange platform, it 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 at this time, speculation is already running high.

What is known, however, is that the research team that is being set up will explore the possibilities of integrating solutions on the blockchain to solve the problems related to spam and bots that Musk himself revealed were affecting the company. Thanks to the crypto-currency nature and its feature that requires verification before registration, new and old accounts can be placed under the radar of authenticity.

The issue of spam and bots is at the heart of Elon Musk’s redesign of the platform, a topic that nearly led to the deal’s cancellation. When the company negotiation was still underway, Musk asked about the actual number of bots on the platform, and he disagreed with the figure cited by then-CEO Parag Agrawal.

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With the richest man in the world now in charge, it’s crucial that he tries to correct that, and blockchain, through Binance may be one of the ways he plans to do so.

Binance’s pursuit of crypto-currency related solutions has not been accompanied by a defined timeline, and it is unclear whether each partner with a minority stake in Twitter is in a position to make a unique contribution to the company’s growth and direction.

Twitter is not new to blockchain solutions

As a publicly traded company, Twitter is not new to blockchain-based products and services. The company launched an internal team to create such products in November 2021, an effort that resulted in support for non-fungible tokens (NFT) for Twitter Blue subscribers.

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Part of the new blockchain-based solutions that Binance will explore for Twitter could also involve expanding that service.

Jack Dorsey, the former founder and CEO, had been trying to position the company for related initiatives, and he helped lay the groundwork for much of the work done so far.

Musk’s vision for the company initially involves placing the platform’s codes on the blockchain, as revealed in the company’s shareholder dispute. According to people with knowledge of the matter, this was later cancelled as it was not deemed feasible.

Binance’s stake in Twitter has been valued at $500 million, but current indications are that the company may have a larger stake in creating the next phase of products that will likely help set the company apart from its peers in the social networking world.

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