Changpeng Zhao (CZ), founder and CEO of Binance, the world’s largest cryptocurrency exchange, has revealed that his company’s $500 million investment in Twitter was fueled by free speech, monetization potential, and a Web 3.0 future.
CZ Gives Reasons Behind $500M Twitter Investment
Speaking to Squawk Box on October 31, CZ explained that there were many reasons for Binance’s $500 million support of Elon Musk’s Twitter purchase. They included the monetization potential of Twitter and support for the crypto community’s free speech.
CZ believes that Twitter has not been monetized effectively and has many “tactical problems like bots that spam my comments.” However, he notes that now Musk has taken over the social media platform, he feels very confident.
In explaining the long-term prospects of the deal, CZ notes that Twitter will play a huge part in giving crypto a “seat at the table” when it comes to free speech:
Binance will Bring Twitter into Web 3.0
While CZ expects significant changes to be undertaken, the investment was made because Binance aims to bring Twitter into Web 3.0. This will include adding cryptocurrency-based payments onto the platform.
Binance plans to create a dedicated team to work on this project with Twitter. CZ adds that the price fluctuations don’t bother his company as they are long-term investors who see things “from a 10, 20, 50, 100-year basis.”
On the Flipside
Elon Musk has already sparked suggestions that Dogecoin could be integrated into Twitter. He recently tweeted an image of a Shiba Inu wearing a Twitter t-shirt.
Why You Should Care
Being a huge figure in crypto, Musk’s integration of crypto into Twitter could set crypto assets up for bullish movement.
Get full details of Musk’s Twitter takeover below:
Elon Musk’s Takeover of Twitter and His Relationship with Cryptocurrencies
The details of Binance’s investment are covered below:
Changpeng Zhao Binance Confirms $500 Million Equity Investment in Musk’s Twitter Takeover