Crypto exchange Binance, Musk's co-investor, to help Twitter with blockchain

FILE PHOTO: Changpeng Zhao, CEO of Binance, speaks at the Delta Summit, Malta's official Blockchain and Digital Innovation event promoting cryptocurrency, in St Julian's, Malta October 4, 2018. REUTERS/Darrin Zammit Lupi

(Reuters) - Binance, the world's largest crypto exchange that has invested $500 million into Elon Musk's buyout of Twitter Inc, is creating a team to work on how blockchain and crypto could be helpful to Twitter, the company's spokesperson said on Friday. As one of Elon Musk's equity co-investors to fund his $44 billion deal, Binance said it will brainstorm plans and strategies that could help Elon Musk run the platform.

The newly-formed team will explore how to build on-chain solutions to address Twitter's issues including proliferation of bot accounts, a problem Musk has repeatedly complained about and almost reneged his offer on.