Binance, the world’s largest cryptocurrency platform that has invested $500 million in Elon Musk’s purchase of Twitter Inc, said Friday that it has formed a team to determine how blockchain and digital currencies can be useful for cryptocurrencies.

In his position as one of Elon Musk’s equity co-investors to fund his $44 billion deal, Binance said it was developing strategies that could help entrepreneurs run the platform.

The newly formed team will explore how to build on-chain solutions to Twitter’s problems, including the proliferation of bot accounts, an issue Musk has repeatedly complained about.

The saga of Musk’s takeover of Twitter ended on Thursday, when the deal officially closed after months of swirling in and out of court, and Musk immediately fired the social media platform’s top executive.

Twitter has begun exploring ways to incorporate blockchain technology under co-founder and former CEO Jack Dorsey, who has been a bitcoin proponent.

In November 2021, Twitter launched an internal crypto team to build features involving the technology. The company introduced the ability to pay Twitter subscribers to use a non-fungible token (NFT) as their avatar photo.

In a text message with confidants published as part of Twitter’s litigation, Musk discussed putting Twitter on the blockchain, though he later decided that the move would not work.

It’s unclear to what extent co-investors like Binance can be actively involved in Twitter’s future as a minority investor, as Musk fully controls Twitter’s board of directors and decision-making, which is now privately owned.

Most of his co-investors are funds like Sequoia Capital, Fidelity Management, Andreessen Horowitz and Brookfield.

Binance CEO Changpeng Zhao, known as CZ, is an active Twitter user with more than 7 million followers on the platform, but has recently run into trouble with regulators in the US and UK.

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