Crypto Exchange Binance to become one of the first Exchange integration to Twitter’s new NFT trading scheme

Patrick Hillman, the chief strategy officer at Binance, highlighted the goals to work with Elon Musk to launch a new NFT trading strategy on Twitter. Also why Binance sees the opportunity for Web3 innovation; following its $500 Million investment in the social media company.

Expected reasons for this tie-up –

Binance invested $500 Million as an equity partner with Elon Musk to buy Twitter. The major reason for this tie-up is considered as hopes of using the social media platform as a “sandbox” to deal with Web 3 issues. This was mentioned by the exchange’s chief strategy officer, Patrick Hillman.

Perspectives of initiators in this –

“We look at this as a massive historic opportunity for R&D,” Hillman highlighted to CoinDesk TV’s “First Mover” program Tuesday. “[It’s] a chance to take a prestigious Web2 platform and use it as a sandbox to start solving some of the challenges that we’ve seen become synthetical in the Web2 space.”

Hillman further added the world’s largest cryptocurrency exchange by volume, Binance is looking to be a “critical partner” in Twitter’s growth and innovation. It would turn to “Web3 solutions” to solve some of the challenges on the platform, such as non-fungible token (NFT) user authentication and whether the platform could be used as a payment system to “create small micro-transactions.”

Elon Musk’s role in this integration –

As we know besides running Tesla and SpaceX, Elon Musk is one of the co-founders of the major payments platform PayPal, through a predecessor company.

The payment strategy could be used as a way to repel bots, Hillman said, and by making it so “the average user could bear the cost” while making it “extraordinarily expensive” for bots to be able to sustain their activity.

The issue of bots is “well beyond people trying to pump coins,” said Hillman. Further adding that bots have created trouble for the crypto community to use the Twitter platform as a place to speak freely.

“Being able to attack and address that bot issue is going to be critical to reopening a healthy dialogue around crypto,” Hillman said, adding many other issues, including pump and dump schemes, would also need to be addressed & checked.

To know more about Twitter’s NFT Trading scheme please read “ELON MUSK TOOK-OVER TWITTER AND THE AFTER AFFECTS ON CRYPTO MARKET.”