On October 28th, the biggest cryptocurrency exchange in the world, Binance, said that it had participated as an equity investor in the takeover of social media networking platform Twitter that was being orchestrated by billionaire crypto enthusiast Elon Musk.
In a statement that was sent out via email, Binance founder Changpeng Zhao “CZ” expressed his excitement at the prospect of assisting Elon Musk in the realization of a new vision for Twitter. He went on to say that they want to play a part in bringing social media and Web3 together in order to increase the usage of crypto and blockchain technology as well as the rate at which it is adopted.
Furthermore, CZ shared on Twitter that: “Our intern says we wired the $500 million 2 days ago, probably just as I was being asked about Elon/Twitter.”
When a Twitter user commented, “I wonder if blockchain can get integrated with Twitter somehow,” CZ humorously replied, “They have at least one “crypto” investor now.”
When the proposal was originally made public in April, CZ and his firm made a commitment to provide their support for it. In addition, Musk said earlier this year that he and a few other cryptocurrency moguls have been talking about the possibility of making Twitter increasingly decentralized.
Binance helped Elon Musk take over Twitter; what are his plans?
As of this morning, the wealthiest man on the planet has successfully completed the acquisition of Twitter, one of the most prominent social media platforms in the world, after many months of speculation and controversy over the matter.
On his Twitter account, Elon Musk explained the motivation behind his decision to purchase the company and what he plans to do with it. According to him, it is essential for the continuation of civilization to have a sort of “digital town square” where people from different backgrounds may discuss their ideas in a civilized way “without resorting to violence”, and that’s why he did it.
Musk further said: “Fundamentally, Twitter aspires to be the most respected advertising platform in the world that strengthens your brand and grows your enterprise. To everyone who has partnered with us, I thank you. Let us build something extraordinary together!”
Prior to the acquisition, there were worries that Elon Musk’s support of free speech would lead to an increase in internet hostility. Musk, however, addressed this issue in the letter he sent out, noting that Twitter cannot become a “free-for-all hellscape” in which anybody can say anything with no repercussions.
How does crypto play into this?
How cryptocurrency will fit into the next era of Twitter has been the subject of much speculation, particularly on crypto Twitter. Musk is, without a doubt, an enthusiastic supporter of cryptocurrency and decentralization. His Tesla automobile company spent more than a billion dollars on Bitcoin last year.
Musk has already broached the idea of adding support for both traditional cash and cryptocurrencies as payment methods on Twitter. The Tesla boss has suggested using cryptocurrency as a Twitter payment method to facilitate instantaneous money transfers.
Another thing the new age of Twitter will do is cut out the bots that have been plaguing crypto Twitter for so long. As CZ shared, his tweets are now already free of bot comments.
