The Chief Strategy Officer at Binance, Patrick Hillman, has said that Binance would want to use Twitter as a sandbox for its Web 3 plans. If Binance can achieve this, it could trigger major gains for the BNB token.
Binance to use Twitter as a sandbox for web 3
Binance has a $500 million investment in Twitter following Elon Musk’s purchase of the social media company. In an interview with CoinDesk, Hillman said that the world’s largest exchange by trading volumes, Binance, wanted to play a critical role in the growth and innovation of Twitter.
One of the ways that Binance would achieve this is by tapping into web 3 solutions to solve issues facing the platform. Hillman opined that one of the solutions to bots could be having non-fungible token (NFT) user authentication.
Bots have been a major problem on Twitter, which was why Musk initially halted plans to buy the company. The Tesla CEO is already announcing changes to address the problem, with one being having an $8 monthly fee for Twitter users that want to have a blue checkmark.
BNB coin can rally 100x
The news of Musk buying Twitter is bullish for the BNB token. In the past 24 hours, BNB has gained by 3.5%, trading at $331 at the time of writing. BNB is the fourth-largest cryptocurrency, with a market cap of over $54 billion.
One of the reasons that could drive 100x gains for BNB is if the token is accepted as a currency for Twitter payments. After Binance launched the Bluebird index comprising BNB, DOGE, and MASK, there are speculations that these three tokens could be accepted as payment methods on Twitter.
CZ invests $500m to help @elonmusk buy Twitter.
Is CZ hinting at these assets being used for Twitter payments (blue bird)? pic.twitter.com/bHne6gTsxY
— Miles Deutscher (@milesdeutscher) November 2, 2022
Besides the Twitter deal, Binance also has something to do with BNB’s potential to rally higher. The exchange has promoted utility for BNB by giving discounts on trading fees when users pay with BNB. Moreover, as Binance continues to expand its operations globally, BNB is uniquely positioned to rally.
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