Binance CEO Explains $500 Million Bid on Elon Musk-Led Twitter Aiming at Web3 Expansion

The overall crypto market witnessed substantial growth after Elon Musk confirmed the purchase of Twitter. Crypto exchange Binance, has pledged an investment of $500 million (roughly Rs. 4,133 crore) in Musk's Twitter. The aim is to promote the expansion of Web3 via Twitter. Changpeng Zhao, the CEO of Binance has, in a recent interview said, that Twitter must be monetised well and under Musk, cryptocurrencies could become an integral part of Twitter's revamped monetisation plans.

“I think the platform has huge value in itself, and especially now with Elon at the helm, we're very confident,” Zhao was quoted as saying in an interview on CNBC's Squawk Box.

Musk has expressed his inclination towards integrating Twitter services with crypto payments previously. Back in April for instance, the Tesla and SpaceX CEO had pitched his favourite cryptocurrency, Dogecoin, as a payment option for users seeking to avail Twitter Blue services.

With these kinds of monetisation plans, Twitter will open crypto for try-outs to its global userbase.

"We want to help solve those immediate problems like charging for memberships that can be done very easily by using cryptocurrencies as a means of payment. We're long-term investors, we believe in strong entrepreneurs, we believe in strong platforms, we believe in free speech,” Zhao added.

Binance investment into Twitter makes them the fourth-largest shareholder in the social media platform amongst 19 investors including Sequoia Capital Fund and Fidelity Management among others.

Some weeks ago, when Musk's Twitter purchase was still dicy, Binance along with Sequoia Capital and Fidelity had reinstated their support for Musk's leadership on the micro-blogging platform.