Reuters: Binance is building a team to help Twitter with encryption

Binance is forming a new team to work on how it can use blockchain and encryption to help Twitter, a Binance spokesman said on Friday. Today, CZ confirmed that Binance is officially an investor in Twitter, and that Binance has sent Musk $500 million to help him buy Twitter. Binance said in May that its financial backing for Musk's Twitter acquisition was part of its strategy to bring social media and news sites into the Web3 world. Biance said it would brainstorm ideas to help Musk develop Twitter's operational plan and strategy. The new Binance team will explore how to build on-chain solutions to deal with Twitter's existing problems, including the proliferation of bot accounts that Musk has repeatedly complained about. Earlier today, Mr Musk said claims of a "Shadow Ban" would be investigated from today. Currently, Twitter has been exploring ways to integrate blockchain technology under the leadership of Lienchuen and former CEO Jack Dorsey, who is also a Bitcoin supporter.