Elon Musk has made his purchase of Twitter official and Dogecoin has reacted with an 11% rise to the news.
Elon Musk, CEO of Tesla, has made Twitter purchase made official on Friday. The deal was finalized just before the postponed trial against Musk for stalling the purchase agreement was set to resume.
The deal, which was first announced in April, has hit many roadblocks that led Musk to put the deal on hold. Finally, earlier this month, Musk proposed go ahead with the acquisition at the agreed price of 44.000 million ($54,20 per share).
Elon Musk's plans for Twitter
One of Elon Musk's first moves has been to remove Parag Agrawal, the platform's current CEO, from his position.
In the weeks following the first purchase agreement, Musk hinted that Dogecoin could play a role in the future of the platform. However, the billionaire has not revealed his plans for the implementation of crypto functionalities in the platform.
In 2021, Twitter implemented TipJar, a feature that allows users to Offering tips in Bitcoin to content creators. More recently, it added support for Ethereum wallets. At the same time, it was the first platform to test the Polygon gateway for USDC payments.
Elon Musk has been one of the biggest proponents of cryptocurrencies, whether as Dogecoin champion in front of the community, or betting on Bitcoin as a treasury reserve for Tesla. All of this could be beneficial for Twitter, which could enter into a decentralization phase, avoiding the problems of online censorship, so criticized by a part of the community in recent years.
Twitter continues with its roadmap despite the purchase
While the media is filled with news about Musk's purchase, Twitter is moving forward with its roadmap and has presented several new cryptocurrency-related features.
On Thursday, the platform announced the testing of the “NFT Tweet Tiles”, a collection of NFTs that can be purchased through Rarible, Magic Eden, Dapper Labs and Jump Trade.
This functionality has been announced a few days after Jane Manchun Wong published that Twitter was developing a prototype of a digital wallet that would allow the cryptocurrency deposit and withdrawal.
What does Binance have to do with the purchase of Twitter?
Changpeng Zhao (CZ), CEO of Binance, has confirmed on Twitter what has participated as a capital investor in Elon Musk's acquisition of the platform. Zhao says Binance's goal is to bridge social media and Web3, expanding the use and adoption of crypto technology.
CZ first spoke of the engagement in May, when he noted that Binance supported Musk's purchase as a way to reduce spam and scams on Twitter.
How did Dogecoin react to Twitter's purchase?
The memecoin has risen 11% in the next hours the official announcement of Elon Musk's purchase of Twitter, according to data from CoinMarketCap.
According to CMC data, the cryptocurrency is trading at $0,08 at the time of writing this article.
