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The well-known digital currency exchange Binance contemplates establishing a group that would operate on blockchain and crypto solutions targeting Twitter. This development takes place at a time when Elon Musk (the top tech billionaire) acquired the social media firm.
Binance Contemplates Forming a Group to Cover Blockchain Activities of Twitter
The news of this event is witnessed hours after the confirmation by Changpeng Zhao (the CEO and founder of the well-known crypto exchange) that the firm had contributed approximately $500M to finance the social media platform.
In this way, the crypto exchange venue has occupied the status of the 4th-top contributing firm to the respective takeover in addition to the rest of the nineteen investment partners that offered the Tesla founder an amount of up to $7B.
Changpeng Zhao clarified on Twitter that the contribution of the crypto exchange has been transferred formerly this week. He also pointed out that the transfer was carried out via conventional banking services with the utilization of fiat currency, rather than blockchain or crypto.
In May this year, it had been indicated by the crypto exchange that a co-investment would be made by it on Twitter, in addition to the rest of the investors taking into account Fidelity Management, Sequoia Capital Fund, and Lawrence J. Ellison Revocable Trust.
At that point, Binance CEO categorized the investment of the firm as a little contribution to the endeavor.
Elon Musk formally declared to have acquired the Twitter platform on the 25th of April. The acquisition was done in return for $44B worth. This move required the approval of the regulators and the stockholders of Twitter.
Musk previously asserted that he would have the top priority to remove scam and spam bots from the venue of Twitter, taking into account those dealing with crypto.
Binance CEO Invests in Twitter after Fighting with Its New Owner
While commenting on the Twitter acquisition, Binance CEO shared a tweet that he feels to be more secure for his Twitter account under Musk’s rule.
In advance of Twitter’s acquisition, Zhao and Musk played a brief fight at the venue, when the Tesla CEO compelled Binance to deal with the problems dealing with the withdrawals of Dogecoin (DOGE) in the last year. Another part of the Twitter contract is that the platform is being taken private by Musk.
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