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 monetization plans.
“I think the platform has huge value in itself, and especially now withat the helm, we’re very confident,” Zhao was as saying in an interview on CNBC’s Squawk Box.
Musk has expressed his inclination towards integratingservices with crypto payments previously. Back in April for instance, the and CEO had pitched his favorite cryptocurrency, Dogecoin, as a payment option for users seeking to avail Twitter Blue services.
With these kinds of monetization 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 usingas 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.
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 hadtheir support for Musk’s leadership on the micro-blogging platform.