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- Binance CEO Changpeng Zhao has revealed that his company drilled $500 million into to Twitter help move it to Web 3.0 status
- Zhao disclosed that the investment was part of the amount Elon Musk used to purchase the social media giant
- Binance is also interested in using its investment to promote free speech
Binance CEO Changpeng Zhao has disclosed that the company injected $500 million into Elon Musk’s Twitter takeover bid to help move the social media platform to the Web 3.0 space. According to Zhao, the investment also goes into ensuring free speech on the social media platform. The announcement comes at a time when Musk is disclosing his plans for Twitter.
“We want to make sure that #crypto has a seat at the table when it comes to free speech,” says @cz_binance on @binance investing $500M into @elonmusk‘s purchase of @twitter. “We want to help bring @twitter into Web3 when they’re ready.” pic.twitter.com/BmbWJqXvul
— Squawk Box (@SquawkCNBC) October 31, 2022
$500 Million for Free Speech and Web 3.0
Speaking to CNBC’s Squawk Box, Zhao said that Binance is committed to championing cryptocurrency’s rightful place when pushing for “free speech.” He also revealed that his company is ready to help Twitter transition from a Web 2.0 platform and attain a Web 3.0 status.
However, Zhao clarified that the shift will be dictated by the social media giant which has been under Musk’s control since last week.
Twitter Bots have Ruined the Experience
Zhao also said that he sees Twitter as a potent ground for promoting crypto adoption and use cases such as users paying for a subscription using cryptocurrency, something he called “very” easy. According to Zhao, Twitter has a huge monetization potential adding that bots have ruined users’ experience on the platform. Zhao also noted that he doesn’t seek to recoup the amount invested immediately because Binance is interested in what Twitter would look like “10, 20, 50, 100” years from now.
The investment disclosure by Binance comes a few days after Twitter enabled NFT trading through tweets. With Fidelity Management, Binance and Sequoia Capital involved in Musk’s Twitter takeover, we can only wait and see how the social media platform will look like in the future.