The largest cryptocurrency exchange in the world, <a href="https://www.cryptoknowmics.com/news/binance-launches-oracle-network-to-run-web3-and-bnb-chain-ecosystem">Binance</a>, which has invested  $500 million in Elon Musk’s $44 billion deal to acquire Twitter, has announced to form a new team to investigate how blockchain technology and cryptocurrencies may benefit the microblogging site.
<h2>Elon Musk and Binance to Explore On-chain Solutions</h2>
According to media reports, the new team will investigate developing on-chain solutions to address Twitter's problems, including the rise of bot accounts, a subject Musk has frequently raised and for which he almost withdrew his offer of support.

<a href="https://www.cryptoknowmics.com/news/binance-may-spend-over-1-billion-this-year-on-deals-cz-says">Changpeng "CZ" Zhao</a>, the founder and CEO of Binance, acknowledged that the funds were transferred earlier this week and made it clear that neither cryptocurrencies nor blockchain protocols were used in the transaction, instead, the money was transferred, via conventional banking services, and fiat money.

https://twitter.com/cz_binance/status/1585690777551884290?

The crypto exchange said on Twitter that it will co-invest in May 2022, along with other investors, including the Lawrence J. Ellison Revocable Trust, Sequoia Capital Fund, and Fidelity Management. At the time, CZ described the company's funding as a "modest contribution to the cause."
<h2>Acquisition of Twitter by Elon Musk</h2>
On April 25, Musk, the multibillionaire CEO and founder of <a href="https://www.cryptoknowmics.com/news/tesla-posts-170m-impairment-loss-while-making-64m-on-btc-sale">Tesla</a> announced that he would be purchasing Twitter for $44 billion, subject to regulatory and stockholder approval. In a recent interview, he said that one of his primary goals for the business would be to get rid of spam and scam bots, particularly those that targeted cryptocurrency.
<h2>The Conflict Between Musk and CZ</h2>
Last year Musk and  CZ  got into a Twitter argument before collaborating to acquire Twitter when Musk urged Binance to resolve <a href="https://www.cryptoknowmics.com/news/doge-technical-analysis-broken-trendline-warns-dogecoin-crash">Dogecoin</a> withdrawal difficulties.

On October 27, Musk paid $54.2 per share to purchase the social networking service, boosting the deal's overall worth to a little under $44 billion. One of the first actions taken by the new owner was to terminate the company's senior executives. Additionally, as part of the agreement, Musk is making the business private, which will cause its shares to delist from the open market.

Binance To Help Twitter Fight Bot Accounts Using Blockchain Technology

Musk and CZ engaged in a short online conflict before collaborating to acquire Twitter when Musk urged Binance to resolve Doge withdrawal difficulties.

Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

Binance To Help Twitter Fight Bot Accounts Using Blockchain Technology

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