The chief executive of the world’s largest crypto exchange by trading volume says he wants to assist Twitter in transitioning into the next phase of the internet.
In a new interview with CNBC’s Squawk Box, Binance CEO Changpeng Zhao says his company’s $500 million investment in Elon Musk’s Twitter takeover was in the interest of free speech.
“The deal was put together a few months back… Elon was buying, [then] was not buying it, but we haven’t changed our positions. There are many reasons for supporting the deal. Twitter is a free speech platform, which is global, which is extremely important. We want to support strong entrepreneurs. Elon Musk is a very strong entrepreneur. Twitter is a tool that I use personally very heavily, so we want to make sure that crypto has a seat at the table when it comes to free speech.Â
And there are more tactical things, we want to bring Twitter into Web3 when they’re ready. We want to help solve those immediate problems like, as you mentioned earlier, charging for memberships and et cetera, that can be done very easily, globally, using cryptocurrency as a means of payments.”
Last week, billionaire Dogecoin (DOGE) advocate Elon Musk took over Twitter in a blockbuster $44 billion dollar deal that had been in the works for much of 2022.
"We want to make sure that #crypto has a seat at the table when it comes to free speech," says @cz_binance on @binance investing $500M into @elonmusk's purchase of @twitter. "We want to help bring @twitter into Web3 when they're ready." pic.twitter.com/BmbWJqXvul
— Squawk Box (@SquawkCNBC) October 31, 2022
According to a report from Reuters last week, Binance was looking into various crypto-related solutions to some of Twitter’s shortfalls, including spam bots, an issue that nearly pushed the Tesla CEO into cancelling his takeover attempt.
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