Binance will also support Twitter’s integration into Web3 by introducing cryptocurrency payments and hiring a dedicated team of on-chain experts to eliminate spam bot accounts. Both of these initiatives are part of Binance’s plan to help Twitter integrate into Web 3.0.
Binance CEO Changpeng “CZ” Zhao has provided an explanation for the company’s co-investment of $500 million into Elon Musk’s Twitter. He mentioned the possibility of making money, the freedom of speech in the cryptocurrency ecosystem, and the fact that it could “help push Twitter into Web3” one day.
Since it first declared its support for Musk’s purchase of Twitter in May 2022, Binance’s commitment to the transaction has not wavered in the least. Sequoia Capital Fund and Fidelity Management and Research Company are two other companies that have been co-investors.
The CEO of Binance said that the challenging price valuation of Twitter did not play a role in the company’s decision to invest in the company since they saw the long-term prospects as being positive while also providing cryptocurrency a “place at the table” in terms of free expression.
At the same time, Musk has said that a new “content moderation committee” would be responsible for deciding which banned user accounts may be reactivated. Musk, on the other hand, will not be in charge of deciding which Twitter accounts are reactivated.
But the billionaire businessman said in a tweet that the council would use its own judgement because there were “widely different opinions.”
CZ says it invested because it also expects to play a role in Twitter’s ultimate transition to Web3, such as introducing cryptocurrency-based payments into the social media platform. CZ claims this is one of its reasons for investing. According to a story that was published by Reuters on October 28, the cryptocurrency exchange intends to establish a specialised team that would work on possible blockchain-and cryptocurrency-based solutions for Twitter. The new group will look into how to build on-chain solutions to problems, like spam bot accounts.
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