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. "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. 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.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. 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)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. BY Grady McGregor January 9, 2022, 11:46 PM PST New estimates claim the CEO of cryptocurrency exchange Binance, Changpeng Zhao, is the world’s richest crypto billionaire, with a net worth. CHINA - 5: In this photo illustration, the cryptocurrency exchange trading platform Binance logo is displayed on a smartphone screen.
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