![]() The deal itself was made possible in part by backing from a crypto powerhouse, Binance, giving the world’s biggest crypto marketplace a say in reshaping a major social network.ĬEO Changpeng Zhao said in a statement that Binance’s hope is to “play a role in bringing social media and Web3 together in order to broaden the use and adoption of crypto and blockchain technology.” ![]() There could be more concrete changes to Twitter’s business from the crypto world, though. Dogecoin, for example, has been rallying again, its price boosted not by any tweets by Musk but simply by the idea that one of its leading cheerleaders is in charge. He triggered a sell-off by jokingly dismissing it as “a hustle” on “Saturday Night Live.”Īt his direction, Tesla purchased $1.5 billion worth of bitcoin and announced that it would take the crypto token as payment before selling a huge chunk of that investment and saying bitcoin payments had been halted due to environmental worries.ĭespite Musk’s idiosyncratic posturing, crypto fans on Twitter seem excited by the notion of someone they view as one of their own running the place. The self-appointed “chief twit,” who has more than 112 million followers on Twitter, is known for triggering wild movements in the price of dogecoin by endorsing - or even just mentioning - the token. ![]() The ongoing health of Twitter and its direction under Musk could have a significant impact on a service where crypto promoters tout tokens, developers coordinate software updates, and investors seek information. Musk now owns a social network used by a large and dynamic online community of crypto supporters, in which he himself has been one of the loudest and quirkiest voices. But could things be coming into focus for crypto Twitter? Updated with Binance's comments on the formation of an internal team.ĭavid Hollerith is a senior reporter at Yahoo Finance covering the cryptocurrency and stock markets.Twitter’s future looks fuzzy under Elon Musk. "As the world’s leading web3 infrastructure company, we’re looking forward to bringing new solutions to solve some of the issues inherent in the Web2 ecosystem," Hillman said in a statement. Patrick Hillman, Binance's chief strategy officer suggested the company's involvement could mean less speculation and more "practical use cases" for the still buzzy, yet less active, emerging asset class. We are in the early stages now and still figuring out a plan," the spokesperson added. "For example, how can we build on-chain solutions to address some of Twitter's issues, such as the proliferation of bot accounts in recent years. Thanks in part to the billionaire's previous promotion of the meme coin last year, Dogecoin has risen by 38% in value in the week leading up to Musk's Twitter acquisition.įor the period, the market capitalization for DOGE has risen by $3 billion from $7.7 billion to $10.6 billion, according to Coinmarketcap.įor its part, a spokesperson for Binance told Yahoo Finance that Binance is creating a team inside the company to focus on ways cryptocurrencies and blockchain technology could be helpful to Twitter. REUTERS/Dado Ruvic/Illustration (Dado Ruvic / reuters)Īs of yesterday afternoon, Twitter is also testing " NFT Tweet Tiles," a new feature that let's users buy non-fungible tokens through various NFT marketplaces such as Rarible, Dapper Labs, and Magic Eden.ĭogecoin buyers may also anticipate some value from Musk's takeover. Started by Twitter co-founder and former CEO Jack Dorsey, who has since left the company, it remains unclear how BlueSky will fit into Twitter’s plans under Musk.Ī 3D printed Twitter logo is seen in front of a displayed photo of Elon Musk in this illustration taken October 27, 2022. More recently, the company’s lesser known BlueSky initiative launched a website detailing plans to launch the AT Protocol, which aims to create a decentralized social network using blockchain technology. Year to date, $18 trillion worth of crypto has changed hands on Binance, accounting for 22% of global crypto trading volume, nearly quadruple that of any other crypto exchange, according to crypto indexer, Nomics.īefore the Musk deal closed, Twitter had made efforts to further incorporate crypto onto its platform by allowing users to send cryptocurrencies through their user accounts and verify NFTs as profile pictures. (Photo Illustration by Budrul Chukrut/SOPA Images/LightRocket via Getty Images) (SOPA Images via Getty Images)Īlongside major angel investors such as Oracle Cofounder Larry Ellison and Twitter majority stakeholder Prince Alwaleed bin Talal of Saudi Arabia, Binance’s support had previously been disclosed as far back as May. CHINA - 5: In this photo illustration, the cryptocurrency exchange trading platform Binance logo is displayed on a smartphone screen.
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