The cryptocurrency exchange Binance has announced that it is looking into incorporating blockchain technology into its platform. Binance has invested $500 million in the Twitter takeover deal and has announced that it is looking at incorporating cryptocurrencies onto its platform. A Binance representative has stated that the exchange is forming a team to develop cryptocurrency-based solutions for Twitter.
Binance to Offer Twitter Cryptocurrency Payments Soon?
A team from the cryptocurrency exchange is reportedly forming to develop crypto-based solutions for Twitter. Specifically, they will look into “how blockchain and crypto could be helpful to Twitter,” as the newspaper quotes a Binance representative as saying. An end to the problem of Twitter bot accounts looks to be high on Elon Musk’s list of priorities. According to the report, Binance would be addressing problems on Twitter such the rise of bot accounts. However, if the cooperation continues to progress, Twitter may begin accepting cryptocurrency payments. According to Reuters’ story,
“The newly-formed team will explore how to build on-chain solutions to address Twitter’s issues including proliferation of bot accounts.”
Apparently, this will benefit Elon Musk in making strategic decisions for Twitter’s expansion. Discussions will center on ideas and techniques that could improve Twitter’s business. The change occurs as Twitter undergoes radical transformation following Elon Musk’s takeover. When asked about his motivation for taking over Twitter, Musk said he hopes to use the service to lessen inconsistencies.
Additionally, CZ, CEO of Binance, stated that the exchange would be an investor in the $44 billion Twitter deal. CZ claimed that his company would invest $500 million in the transaction to combat spam and scams on Twitter.
Binance Expands CBDC Integration
Binance, meanwhile, has been busy expanding its global network of crypto technology partnerships. The exchange recently announced that it is collaborating with the CBDC project in Kazakhstan to establish a connection between the BNB chain and the Kazakh cryptocurrency. Earlier this week, it was announced that the National Bank of Kazakhstan intends to connect its central bank digital currency, the Digital Tenge, with the Binance chain.