On Friday, Binance confirmed that the CEO would be participating as an equity investor while Elon Musk takes over Twitter. In an email statement, Changpeng Zhao, the CEO of Binance, expressed enthusiasm for the upcoming move.
This comes after Elon Musk completed a $44 billion acquisition deal for Twitter He said that the exchange was looking forward to helping the tech create a new vision for Twitter.
Furthermore, he explained that the firm aims to bring together Web3 and social media to enhance the rate at which users adopt crypto and blockchain technology.
Binance Wires $500M as Part of Twitter ‘Deal’
In a tweet, the Binance CEO stated that, two days ago, the exchange had wired around $500 million as part of the new Twitter deal. While CoinDesk has asked Twitter for a comment on the tweet, there has been no response.
Earlier this year, in an SEC filing, Binance was included as one of the 19 parties that were assisting in financing Elon Musk’s acquisition of Twitter. After news broke out that Elon Musk was taking over Twitter, Changpeng Zhao took to Twitter to speak about his firm’s impressive donation.
Zhao Expresses That Reducing Spam on Twitter is a Major Priority
In his Tweet, the Binance CEO called his $500 million investment a ‘small contribution’ to the ultimate cause. At the time, he emphasized that a major priority is to eliminate spam on Twitter, which give cryptocurrency a bad reputation.
Moreover, a spokesperson for Binance stated that the exchange’s commitment remains steady and that the firm is looking to enhance the partnership in the coming future.
Binance Aims To Eliminate Twitter Bots with Crypto
But the major investment isn’t the only way that Binance is looking to make a difference in Musk’s new version of Twitter. The reigning crypto exchange is also building its own internal team to design a mechanism that allows crypto to help Twitter.
The exchange confirmed with Decrypt that it’s gearing up to battle Twitter bots using blockchain technology. One example of how they intend to do this involves on-chain solutions to reduce the number of bot accounts.
Crypto proponents are enthusiastic about Musk’s vision for Twitter, as the eccentric billionaire is no stranger to digital assets.
His electric car company, Tesla, is among the biggest corporate Bitcoin holders, despite selling a huge chunk of its holdings. Additionally, Musk is a big fan of the Dogecoin memecoin and has played a major role in influencing its price.
In addition to eliminating bots, Musk will also restore Twitter accounts that have been banned from the platform. Specifically, he was referring to that of ex-president Donald Trump, who was permanently banned from the platform in January 2021 after potentially inciting politically-fueled disturbances.