CZ reveals the reasoning behind Binance’s $500 million acquisition of Elon’s Twitter.
Binance’s CZ said he would like to see cryptocurrencies fully integrated into Twitter, as he revealed why the exchange is investing $500 million in the social platform.
Binance co-founder and CEO Changpeng Zhao “CZ” recently weighed in on billionaire Elon Musk’s acquisition of Twitter, revealing the factors that prompted Binance to invest $5 billion in the acquisition.
According to CZ, Binance is looking to integrate crypto into the aves-themed social platform as Elon Musk fulfills his dream of turning it into a free speech channel. “We want to make sure that cryptocurrencies have a place in freedom of speech,” CZ said in a statement. Squawk Box Interview on Monday.
CZ acknowledged Twitter’s importance in the cryptocurrency space, highlighting its status as a global platform for free speech. He further pointed to his reliance on Twitter as he uses the platform to connect with other members of the cryptocurrency community. “Twitter is a tool that I personally use very frequently,” said CZ, who has more than 7 million Twitter followers.
In addition to this, CZ also mentioned more tactical reasons behind his company’s contribution. “When they’re ready, we want to help bring Twitter to Web3,” he said. Binance will join forces with Twitter as Elon Musk wants to bring the platform to Web3.
This could lead to partnerships utilizing Binance’s cryptocurrency and Web3 offerings. “We want to help solve those looming issues (…) membership fees, etc. that can be easily done globally using cryptocurrencies as a means of payment,” CZ added.
Just three days ago, amid reports of Musk’s acquisition, Reuters article It was revealed that Binance plans to assist Twitter with a blockchain solution that will help address growing concerns about the increase in the number of bot accounts.
Additionally, CZ noted that he believes Musk’s ambition to turn Twitter into a super-app is possible. It can mimic the Chinese platform WeChat, which involves “payments, social media, messaging, ordering food” and more.
Finally, when asked if as an investor he was concerned about the pressure that Musk’s expanded diversification could put on the billionaire, CZ said he believed Musk could handle the pressure.
After months of delays due to lawsuits and indecision, Musk’s Twitter acquisition closed last Thursday. The crypto community is particularly excited about the deal, as Musk remains one of the most crypto-friendly billionaires out there, and he’s been a supporter of Dogecoin.
As previously reported by The Crypto Basic, Musk confirmed plans to compensate content creators on the aves-themed platform as well as integrations for other financial inclinations. Several proponents asserted that Musk, as a top Dogecoin advocate, could choose to add Dogecoin to Twitter’s financial offerings. This will help the social prospects of meme coins.
Recall that Elon Musk’s Boring Company recently launched a fragrance that Musk himself promoted on Twitter. The fragrance “Burnt Hair” costs $100 and can be paid in Dogecoins.
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