Changpeng Zhao explains why Binance gave $500 million to buy Twitter

Key facts:
  • Zhao claims they want to support freedom of expression and see Twitter as a platform for that.

  • They also want to support Twitter’s access to the world of Web3 and cryptocurrency.


Why did Binance, the world’s largest cryptocurrency exchange, commit $500 million to buy Twitter Elon Musk? Changpeng Zhao, founder and CEO of the exchange, responded on Monday, October 31.

In an interview on the Squak Box website, through the US media outlet CNBC, Zhao presented at least Three reasons His company’s support of the Musk campaign on Twitter. In the first place, he emphasized that it is a method Contribute to freedom of expression globally. For him, this is precisely the social network. “This is a very important thing,” he stressed.

On the other hand, he said, because at Binance they like to support “great entrepreneurs.” Elon Musk, head of companies like Tesla or SpaceX, is exactly a great businessman in the eyes of the head of Binance.

Finally, the head of the largest exchange on the planet pointed to Twitter’s potential to become a “super app,” something Musk himself had previously commented on. For Zhao, Twitter can be compared to WeChat, a Chinese platform where a file Social network, shopping platform and payment means.

Binance’s stance on supporting the entrepreneur goes back to last May, when the intention of the Tesla founder was first revealed. In fact, the sum of $500 million has already been released.

“We want to help bring Twitter to Web3 and help solve issues like charging for subscriptions. Something that can be done very easily globally with cryptocurrency as a payment method.”

Changpeng Zhao, CEO of Binance.

As we reported on CriptoNoticias last week, Elon Musk has finalized the Twitter purchase announced last May. In addition to the support provided by Binance, this news is also related to other developments in the cryptocurrency world.

Due to Musk’s continued support for the cryptocurrency meme Dogecoin (DOGE), its price has doubled in the past seven days with the help of Twitter’s purchase. also because of There is speculation about the possibility of adding a DOGE mask as a platform currency. How Binance’s participation will affect this or any other potential integration into the cryptocurrency world remains to be seen.

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