Binance will also help Twitter’s integration into Web3 by enforcing crypto payments and planting a devoted platoon of on-chain specialists to stop spam bot accounts. Binance CEO Changpeng” CZ” Zhao has explained the logic behind its $500 million investment in Elon Musk’s Twitter, citing monetization eventuality, crypto community free speech, and the occasion to” help bring Twitter into Web 3.” CZ made the reflections at a CNBC Squawk Box occasion on October 31st when he described what motivated his investment with Elon Musk in acquiring the social networking point, noting
“I believe Twitter has not been monetized well, it has not grown well, there are numerous politic problems like bots that spam my commentary, there are scammer accounts on there, and it’s not been run well.”
“But I believe the platform has enormous value in and of itself, and we are extremely auspicious, especially now that Elon is at the helm,” he continued. Binance’s support for Musk’s preemption of Twitter has not wavered since it originally blazoned it in May 2022. Sequoia Capital Fund, Fidelity Management, and Research Company are also investors. The Binance CEO stated that Twitter’s grueling price valuation had no bearing on their investment choice since they saw long-term prospects as solid, while also furnishing crypto a” place at the table” when it comes to free speech
“We ’re long-term investors; we believe in strong entrepreneurs; we believe in strong platforms; we believe in free speech; we look at this from a 10, 20, 50, or 100 — time base, so a little price change on a yearly base does not bother us.”
Still, opinions on which Twitter accounts are reactivated won’t be made by Musk, who stated that a new “content temperance commission” will be in charge of determining which banned stoner accounts are reinstated. still, in a tweet, the billionaire entrepreneur stated that the council will use its discretion with” extensively different opinions.” CZ claims it invested because it intends to help Twitter move to Web3, similar to by offering cryptocurrency-grounded payments to the social media platform.
“We want to help break those immediate problems, like charging for enrollments, that can be done veritably fluently by using cryptocurrencies as a means of payment.”
According to a Reuters report on Oct 28th, The crypto exchange plans to form a devoted platoon to work on implicit crypto and blockchain-grounded results for Twitter. The new platoon will probe how to make on-chain results to address issues similar to spam bot accounts. Binance’s $500 million investment in Twitter places it as the 4th-largest shareholder among 19 investors.