Changpeng Zhao, the CEO of Binance, indicated that they put $500 million into Elon Musk’s Twitter acquisition to bring Twitter into Web3. Changpeng said in an interview that they support Elon Musk’s takeover of the social media platform to ensure crypto and Web3 are part of Twitter’s future.
In an interview with CBNC, Changpeng said they want to ensure crypto has a seat at the table regarding free speech. He added there are more tactical things, like they want to bring Twitter into Web3 when they’re ready.
Binance has invested $500 million in Elon’s successful takeover of Twitter. Moreover, they are also creating a team to help Elon in his battle over bot accounts. According to Binance, the team will be international and use blockchain to do this job.
Moreover, in the interview, Changpeng explained other potential use cases for crypto on Twitter. He said that plans for a paid subscription could be done very quickly, using cryptocurrencies as a means of payment. He also praised Elon’s ability to withstand the potential difficulties of controlling multiple companies at once and his endurance. Changpeng said that if anyone can endure the pressure, I think Elon Musk has shown that he can handle pressure.
If we talk about Elon’s plans for Twitter after taking charge, it is expected that he could involve elements of crypto and Web3 in the social media giant. However, in last week’s statement from Elon, he did not mention any crypto or blockchain ideas regarding why he bought Twitter. But he called this move a common digital town square.
Elon is very interested in blockchain-based solutions to achieve his goals regarding a social media platform. Last week, some leaked messages indicated that Elon has plans to charge users a small amount to register messages on-chain. The reason behind this charge users is to make spamming too costly for bots and scammers.
