Binance May Support Twitter’s Blockchain Efforts

Binance May Support Twitter’s Blockchain Efforts

Elon Musk’s acquisition of the platform was backed in part by $500 million, which was confirmed by Binance. Binance May Support Twitter’s Blockchain Efforts

Binance May Support Twitter’s Blockchain Efforts


Following Elon Musk’s purchase of Twitter, the cryptocurrency exchange Binance reportedly plans to form a team to develop cryptocurrency and blockchain solutions for the social media platform.

Binance’s CEO and founder, Changpeng “CZ” Zhao, had just hours before confirmed that the cryptocurrency exchange had backed Musk with $500 million in financing, making it the fourth-largest contributor to the takeover among the 19 investors that provided $7 billion to Tesla’s founder.

CZ tweeted earlier this week that the funds had been transferred, and added that they had been sent via conventional banking channels and fiat currency rather than cryptocurrencies or blockchain protocols.

The cryptocurrency exchange tweeted in May 2022 that it would invest alongside the likes of the Sequoia Capital Fund, Fidelity Management, and the Lawrence J. Ellison Revocable Trust. The investment was described by CZ at the time as a “small contribution to the cause.”

On April 25, Musk, Tesla’s billionaire CEO and founder, made the acquisition of Twitter official, with the $44 billion transaction pending Twitter stockholder and regulatory approval. He has previously stated that one of his primary goals for the business is the elimination of spam and scam bots, including those pertaining to cryptocurrencies.

I feel much more secure about my Twitter account now that Elon has sink’ed in there.

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No API/bot comments— CZ Binance (@cz_binance) October 27, 2022

Binance May Support Twitter’s Blockchain Efforts

Musk and CZ engaged in a brief battle on the platform last year when Musk urged Binance to address issues with withdrawing Dogecoin. This was prior to the two men joining forces to acquire Twitter.

The total value of the deal, which Musk finalized on October 27, came to nearly $44 billion at $54.2 per share. The new proprietor took immediate action by removing all of the company’s top brass from their positions. As part of the agreement, Musk is also “taking the company private,” meaning its shares will no longer be traded on public exchanges.

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Disclaimer: This opinion is not meant to be taken as financial guidance and is presented merely for educational purposes. Crypted Crypto cannot guarantee that it accurately represents the views of the publication. You should always do your own research before making any financial decisions, as every investment and every trade carries some degree of risk. If you cannot afford to lose the money you invest, then you should not invest it.

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