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Crypto Giant Binance Invests $500,000,000 in Twitter Amid Elon Musk’s Social Media Buyout

Leading crypto exchange Binance says it will invest $500 million in Twitter alongside billionaire Elon Musk, who bought the social media platform for $44 billion last month.
In a new blog post, Binance announced it is investing in the social media giant because they believe the acquisition of Musk will help bring about the merging of social media and Web 3.0 services.

Binance also believes that the acquisition will increase the adoption rate of crypto assets and Blockchaintechnologies will accelerate.

As stated by Binance CEO Changpang Zhao,

“We are excited to help Elon realize a new vision for Twitter. We hope to play a role in bringing social media and web 3.0 together and expanding the use and adoption of crypto and blockchain technology.”

Musk’s recent takeover of Twitter has fueled widespread speculation from other prominent crypto exchange leaders, such as Brian Armstrong, CEO of leading US crypto exchange platform Coinbase, who says Twitter may now embrace decentralization.

“I think there’s a way for Twitter to essentially use a decentralized protocol, and just like what you’re likely to think of DeFi heard that is decentralized finance. There’s another one called DeSo, decentralized social media, which is another emerging space.”

Sam Bankman-Fried, CEO of crypto exchange FTX, also shares his vision of how a Musk-led Twitter would embrace crypto technologies and interoperability between other social media platforms.

“Here’s the gist of what I think would be really exciting. You take a blockchain, you put the actual underlying messages right on the blockchain.

That means each platform could theoretically access the same news sets. Whether you use Facebook, Twitter or whatever platform, everyone uses all news. They can all write to this blockchain, they all can read from it.”
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Source: Crypto News Deutsch

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