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Binance CEO: We Put $500M into Elon Musk's Acquisition 'To Bring Twitter Into Web3'

31 Oct, 20222 min readBlockchain
Binance CEO: We Put $500M into Elon Musk's Acquisition 'To Bring Twitter Into Web3'

Binance chief Changpeng ‘CZ’ Zhao aims to ensure crypto and Web3 are part of Twitter’s future after backing Elon Musk’s takeover of the social media platform, he said in an interview.

“We want to make sure crypto has a seat at the table when it comes to free speech,” Zhao told CNBC, adding that, “there are more tactical things, like we want to bring Twitter into Web3 when they’re ready.”

Binance has invested $500 million in Musk’s takeover, and is already creating an internal team that will use blockchain to assist the billionaire in his battle on bot accounts.

"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." — Squawk Box (@SquawkCNBC) October 31, 2022

In the interview, Zhao elaborated on other potential use cases for crypto on Twitter, saying that plans for a paid subscription could be “done very easily, globally, using cryptocurrencies as a means of payment”.

He also backed Musk’s ability to withstand the potential difficulties of controlling multiple companies at once.

“If anyone can take pressure, I think Elon Musk has shown that he can handle pressure.”

Musk’s Twitter plans and crypto

Since Musk’s bid to own Twitter was made public, speculation has been swirling over how much his vision for the company could involve elements of crypto and Web3.

The Tesla founder did not mention any crypto or blockchain ideas in a statement he posted last week regarding the reasons he bought Twitter, instead putting the move down to his belief in the importance of a “common digital town square.”

Nevertheless, he has indicated his openness to blockchain-based solutions in achieving that goal. In leaked messages revealed last month, he suggested charging users a small amount to register messages on-chain, in a bid to make spamming too costly for bots and scammers.

The value of Dogecoin also doubled in the past month in response to the takeover, thanks to Musk’s multiple references to the cryptocurrency in recent years.

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