Following the breaking news of Musk’s multi-billion dollar acquisition of Twitter, Inc – Binance recently announced that the exchange will be joining forces with Twitter’s new direction in order to fight the large number of bots that disguise and artificially inflate Twitter’s daily user count.
Among the conversations about acquiring the social media platform – Musk’s biggest gripe with the value asked by the Twitter board of directors, was due to the platform having a large number of bots in its overall activity.
During the year-long negotiations, Musk even hired two companies to examine Twitter’s user data publishment.
According to Musk, the firm Cyabra estimated that 11% of Twitter accounts were bots. Meanwhile, Twitter’s legal team hired another firm “CounterAction”, which determined that Twitter’s bot count was about 5.3%.
According to attorneys representing the social media firm, Elon Musk’s own data scientists failed to uncover a large number of “bots” on Twitter, far less than the billionaire’s public estimations.
Now that Musk has full access to all Twitter data, one of the first milestones for this new version of the platform is to extinguish the number of bots.
In a joint effort – the world’s largest cryptocurrency exchange combined forces with Twitter in order to clean up Twitter.
Binance is forming an internal team to assist Twitter in combating bot accounts with blockchain and cryptocurrency, according to Decrypt.
Making Twitter a Social Media Hub For Cryptocurrencies
Both Musk and Twitter have an interest in making Twitter – which is one of the most influential online platforms today – a worldwide-known cryptocurrency hub for its users.
The social media website has been working on introducing bitcoin functions.
The firm began collecting Bitcoin tips in September 2021. Meanwhile, Twitter added web3 dApps to its platform in November of the same year. Later that month, it started accepting NFTs as profile images from its members.
Only two days before the purchase, sources suggested that the social media network is already working on a new web3-based crypto wallet.
With Elon Musk as its new owner, Twitter will begin incorporating even more cryptocurrency capabilities onto its platform in the near future.
Binance Invested in Musk’s Twitter
Binance was listed as one of 19 different parties helping fund Musk’s acquisition in an SEC filing in May, with Zhao referring to the company’s $500 million pledge as “a little contribution to the cause” in a tweet after news of the agreement emerged.
At the time, he also stressed that minimizing spam and fraud on the network should be a primary priority.