Binance Invests $500 Million to Bring Web 3.0 to Twitter

Reading Time: 2 minutes
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.

The post Binance Invests $500 Million to Bring Web 3.0 to Twitter appeared first on FullyCrypto.

Related Posts

Russia President Putin Calls For Blockchain-based International Payment System

Russian President Vladimir Putin said there is a need for a new and independent international settlement system amidst the sanctions and restrictions placed on his country. President…

Putin calls for blockchain-based international payment system

The Russian President criticized Western’s sanctions and urged for a system “independent of external interference”. Russian President Vladimir Putin criticized monopoly in global financial payment systems and…

Bitcoin price consolidation has shifted traders to these 4 altcoins

DOGE, LTC, LINK, and APE are showing signs of buying even as Bitcoin’s next directional move remains uncertain. Bitcoin (BTC) has been trading in a tight range…

A Dozen Digital Assets Record Double-Digit Gains as Crypto Markets Begin to Heal After FTX’s Collapse

At the time of writing the global cryptocurrency market capitalization is hovering around $842 billion on Sunday, Nov. 27, 2022. Bitcoin prices consolidated since the start of…

Another Orbeon Protocol (ORBN) Spike Propels Holders to Impressive Gains

[PRESS RELEASE – Please Read Disclaimer] When you’re just starting to learn about cryptocurrency investing, it can be hard to know which coins and tokens are worth…

El Salvador Launches a National Bitcoin Office (ONBTC)

El Salvador’s government doubled down on its crypto initiatives by creating a National Bitcoin Office (ONBTC) that will oversee all local projects related to the asset. The…

Generated by Feedzy