Crypto exchange Binance plans to form a team to develop crypto and blockchain solutions for Twitter, following the acquisition of the social media company by serial entrepreneur Elon Musk, it reported Oct. 28.
The update comes hours after Binance founder and CEO Changpeng “CZ” Zhao confirmed that the company backed Musk with a $500 million loan, making the cryptocurrency exchange Fourth largest shareholder For the acquisition of 19 investors provided $ 7 billion to the CEO of Tesla.
On Twitter, CZ confirmed that the funds were transferred earlier in the week, explaining that the transaction was made through traditional banking using fiat currency, rather than through cryptocurrency or blockchain protocols.
In May 2022, the exchange confirmed its interest in investing in Twitter, along with other investors including the Lawrence J. Ellison Revocable Trust, Sequoia Capital Fund, and Fidelity Management. At the time, Czechoslovakia rated the company’s investment as “a small contribution to the cause”.
Musk, the CEO of Tesla and SpaceX, officially announced the acquisition of Twitter on April 25, in a $44 billion deal subject to approval by Twitter shareholders and regulators. It was previously mentioned that removing spam and scam bots, in particular, would be one of them The company’s top priorities.
I feel much safer about my Twitter account now that Elon is a part of it.
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I feel a lot safer about my Twitter account now that Elon is down there.
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There are no APIs/bot comments– CZ Binance (cz_binance) October 27, 2022
Before collaborating on the Twitter acquisition, Musk and CZ had a brief discussion on the platform, when Musk urged Binance to solve a problem last year. Dogecoin withdrawal problems (dog).
On Oct. 27, Musk acquired the social media platform for $54.2 a share, bringing the total deal value to nearly $44 billion. As a first measure, the new owner has it Firing the company’s top executives. Also, as part of the deal, Musk agreed to take the company private, delisting its shares from the public market.