Leading crypto exchange Binance says it will invest $500 million into Twitter alongside billionaire Elon Musk, who purchased the social media platform for $44 billion last month.
In a new blog post, Binance announced it is investing in the social media giant because they believe Musk’s acquisition will help bring about the fusion of social media and Web 3.0 services.
Binance also believes the acquisition will accelerate the adoption rate of crypto assets and blockchain technologies.
As stated by Binance CEO Changpang Zhao,
“We’re excited to be able to help Elon realize a new vision for Twitter. We hope to be able to play a role in bringing social media and Web 3.0 together and broadening the use and adoption of crypto and blockchain technology.”
Musk’s recent acquisition of Twitter fueled widespread speculation by other prominent leaders of crypto exchange platforms, such as Brian Armstrong, CEO of the leading US-based crypto exchange Coinbase, who says that Twitter may now embrace decentralization.
“I do think there’s an opportunity for Twitter to essentially embrace using a decentralized protocol and, just in the way that you’ve probably heard of DeFi, which is decentralized finance. There’s another one called DeSo, decentralized social media, which is another emerging area coming up.”
Sam Bankman-Fried, CEO of crypto exchange FTX, also shares his vision on how a Musk-led Twitter would embrace crypto technologies and interoperability between other social media platforms.
“Here’s the core of what I think would be really exciting. You take a blockchain, you put the actual underlying messages directly on the blockchain.
What that means is any platform in theory could access those same sets of messages. So whether you’re using Facebook, Twitter or whatever the platform is, they’re all drawing on all of the messages. They can all write to this blockchain, they can all read from it.”
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