CZ Reveals the Reason Behind Binance’s $500M Investment in Elon’s Twitter Takeover.
Binance’s CZ says he wants to see crypto fully incorporated into Twitter, as he discloses the reason behind the exchange’s $500M investment in the social platform.
Changpeng Zhao “CZ”, co-founder and CEO of Binance, recently weighed in on billionaire Elon Musk’s takeover of Twitter, disclosing the factors contributing to Binance’s half-a-billion dollar investment in the buyout.
According to CZ, Binance is looking to incorporate crypto into the aves-themed social platform, as Elon Musk achieves his dream of transforming it into a free-speech channel. “We want to make sure that crypto has a seat at the table when it comes to free speech,” CZ said in a Squawk Box interview Monday.
CZ acknowledged the significance of Twitter within the cryptocurrency space, highlighting its position as a global free-speech platform. He further noted his dependency on Twitter, as he utilizes the platform to connect with the rest of the crypto community. “Twitter is a tool that I use personally very heavily,” CZ, who has over 7M Twitter followers, said.
Besides this, CZ mentioned more tactical reasons behind his firm’s contribution. “We want to help bring Twitter into Web3 when they are ready,” he mentioned. Binance will work hand-in-hand with Twitter as Elon Musk looks to introduce the platform to Web3.
This could result in a partnership leveraging Binance’s cryptocurrency and Web3 offerings. “We want to help solve those immediate problems (…) charging for membership, etc., that can be done easily globally using cryptocurrencies as a means of payment,” CZ added.
Barely three days ago, amidst reports of Musk’s takeover, a Reuters article revealed Binance’s plans to assist Twitter with blockchain solutions which would help address growing concerns of an increasing rate of bot accounts, among other things.
Additionally, CZ noted that he believes Musk’s ambition to transform Twitter into a super-app is possible. It could mirror the Chinese platform WeChat, which involves “payments, social media, messaging, ordering food,” and suchlike.
Conclusively, when asked if he is concerned as an investor about the pressure Musk’s extended diversity could have on the billionaire, CZ mentioned that he is confident Musk would be able to handle the pressure.
Musk’s Twitter buyout deal ended last Thursday after months of delays due to lawsuits and indecisions. The crypto community has been particularly excited about the deal, seeing as Musk remains one of the most crypto-friendly billionaires, with his persistent advocacy for Dogecoin.
Musk confirmed plans to compensate content creators on the aves-themed platform amongst other finance-inclined integrations, as The Crypto Basic previously reported. Being a top Dogecoin advocate, Musk could opt to add Dogecoin to Twitter’s financial offerings, several proponents have asserted. This would help in the social outlook of the meme coin.
Recall that Elon Musk’s Boring Company recently introduced a perfume that Musk personally promoted on Twitter. The perfume “Burnt Hair” costs $100, and payments can be made in Dogecoin.