Tech

Binance CEO Explains Elon Musk-led $500 Million Twitter Bid Aims at Scaling Web3


The overall crypto market has seen significant growth after Elon Musk confirmed the purchase of Twitter. Cryptocurrency exchange Binance, has committed to invest $500 million (approximately Rs 4,133) in Musk’s Twitter. The aim is to promote the expansion of Web3 through Twitter. Changpeng Zhao, CEO of Binance, in a recent interview said that Twitter must be well monetized and that under Musk, cryptocurrency could become an integral part of monetization schemes. Twitter improvements.

“I think the platform itself is of great value, and especially now with Elon At the helm, we are very confident, “Zhao has quote as said in an interview on CNBC’s Squawk Box.

Musk has expressed his inclination towards integration Twitter services with cryptocurrency payments in the past. For example, back in April, Tesla and SpaceX The CEO introduced his favorite cryptocurrency, Dogecoin, as a payment option for users looking to take advantage of Twitter Blue services.

With these types of monetization plans, Twitter will open the cryptocurrency to testing for its global user base.

“We want to help with those immediate problems like charging for membership can be done very easily using electronic money as a means of payment. We are long-term investors, we believe in strong entrepreneurs, we believe in strong foundations, we believe in freedom of speech,” added Zhu.

Binance investing in Twitter makes them the fourth largest shareholder on the social media platform among 19 investors including Sequoia Capital Fund and Fidelity Management among others.

A few weeks ago, when Musk’s Twitter purchase was still unsuccessful, Binance, along with Sequoia Capital and Fidelity, rehibilitate their support for Musk’s leadership on the microblogging platform.


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