CZ Reveals Monetization and Free Speech Drove Binance’s Investment, Plans ‘To Bring Twitter Into Web 3.0’

Changpeng Zhao (CZ), founder and CEO of Binance, the world’s largest cryptocurrency exchange, has revealed that his company’s $500 million investment in Twitter was fueled by free speech, monetization potential, and a Web 3.0 future.

CZ Gives Reasons Behind $500M Twitter Investment

Speaking to Squawk Box on October 31, CZ explained that there were many reasons for Binance’s $500 million support of Elon Musk’s Twitter purchase. They included the monetization potential of Twitter and support for the crypto community’s free speech.

CZ believes that Twitter has not been monetized effectively and has many “tactical problems like bots that spam my comments.” However, he notes that now Musk has taken over the social media platform, he feels very confident.

In explaining the long-term prospects of the deal, CZ notes that Twitter will play a huge part in giving crypto a “seat at the table” when it comes to free speech:

Binance will Bring Twitter into Web 3.0

While CZ expects significant changes to be undertaken, the investment was made because Binance aims to bring Twitter into Web 3.0. This will include adding cryptocurrency-based payments onto the platform.

Binance plans to create a dedicated team to work on this project with Twitter. CZ adds that the price fluctuations don’t bother his company as they are long-term investors who see things “from a 10, 20, 50, 100-year basis.”

On the Flipside

  • Elon Musk has already sparked suggestions that Dogecoin could be integrated into Twitter. He recently tweeted an image of a Shiba Inu wearing a Twitter t-shirt.

Why You Should Care

Being a huge figure in crypto, Musk’s integration of crypto into Twitter could set crypto assets up for bullish movement.

Get full details of Musk’s Twitter takeover below:
Elon Musk’s Takeover of Twitter and His Relationship with Cryptocurrencies

The details of Binance’s investment are covered below:
Changpeng Zhao Binance Confirms $500 Million Equity Investment in Musk’s Twitter Takeover

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

Author

Milko is a DailyCoin reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs).