#Binance, the world’s largest cryptocurrency exchange by trading volume, announced that it has invested $500 million of #ElonMusk’s $500 million deal to acquire Twitter (TWTR) worth $44 billion. The small but significant move has sparked speculation that the social media company could be using blockchain technology in the future.
Binance CEO Changpeng Zhao (aka CZ) tweeted: “We moved $500M 2 days ago, probably around the time Elon/Twitter questions were coming up.”
Binance has reportedly formed a team to think about how Twitter can leverage blockchain and cryptocurrencies.
Will Twitter run on blockchain?
Musk, who tweeted that “the bird is out” after Twitter announced it was becoming more centralized and changing, has been toying with the concept of connecting blockchain to social media for a long time. “The idea of free speech on blockchain has been around for a long time,” Musk wrote in a March text message to former Twitter CEO Jack Dorsey. “The question is how to implement it.”
Binance backs Musk's Twitter takeover
Binance first announced plans to support Musk’s takeover preparations in May. At the time, CZ said it was a “small contribution to the cause” and that the deal would connect social media and news to Web3.
The company is contributing a huge amount compared to its peers, with investments from Morgan Stanley, Bank of America and Barclays committing at least $2.5 billion in debt capital to the deal.
Other payments include Sequoia Capital, Qatar Investment Fund, and Fidelity Management and Research.
For Binance CEO CZ, the investment is an opportunity to showcase Web3. He made it clear earlier this year that the exchange’s backing was essential and that the deal wouldn’t get traction if it went it alone. “If [Musk] goes, we go,” he said in an interview.
Given the dramatic development of the Twitter acquisition, it wouldn't be surprising if more events unfold in the coming months.
#CZBİNANCE #BTCRec laims101K #laims101K #
