ccording to reports, Sam Bankman-Fried, the founder of FTX, attempted to invest up to $15 billion in Elon Musk's purchase of Twitter.

A representative of the crypto millionaire, Will MacAskill, texted Musk to say that SBF is "interested in purchasing it and then making it better for the world," according to a string of texts that were made public during the Twitter lawsuit.

When MacAskill claimed that the cryptocurrency millionaire was worth $24 billion and ready to invest between $8 and $15 billion in the deal, Musk replied to the text by asking if SBF had a lot of money.

SBF Wanted to Integrate Blockchain Tech Into Twitter

Musk and SBF engaged in additional conversations, and it appears that the founder of FTX desired to use blockchain technology on the social media site. But the richest guy in the world didn't seem really interested in the concept, which he called laborious.

However, it appears that a number of executives in the banking and cryptocurrency industries were intrigued by the concept. Musk, however, doesn't appear to share their enthusiasm for the idea.

According to reports, he informed Michael Grimes, a banker for Morgan Stanley, that “Blockchain Twitter isn’t possible, as the bandwidth and latency requirements cannot be supported by a peer-to-peer network, unless those ‘peers’ are absolutely gigantic, thus defeating the purpose of a decentralized network”.

Many people think that Musk's purchase of Twitter will encourage additional cryptocurrency integrations. Some anticipate this in particular.

Musk has already announced some of his ambitions for the social media platform since the acquisition announcement on Friday, October 28. Among these ideas is the creation of a council for content regulation.

Musk rejected the idea of a blockchain social media platform, but several businesses with a focus on cryptocurrencies invested in the purchase. Binance disclosed that it contributed $500 million to the purchase.

Twitter Adopts Crypto

There have been rumors that Twitter has recently taken a number of pro-crypto actions. To test the Tweet Tiles widget, the social media platform collaborated with four significant NFT marketplaces. The platforms are Ethereum-based Rarible, the Flow blockchain creator Dapper Labs, the Solana-focused Magic Eden, the sports-focused Jump.trade, and others.

What do you think of Twitters Future now that Musk has step in the game? Let us know by sharing this article and your thoughts in your social media channels.

Oct 30, 2022
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