Binance’s millionaire aid to Elon Musk could degenerate into a crypto Twitter

The purchase of Twitter by Elon Musk had the occasional collaborator, including Binance, who is now seeking a greater role for cryptocurrencies on the platform.

Major cryptocurrency exchange Binance has been involved in Elon Musk’s $44 billion acquisition of Twitter, according to data filed with the United States Securities and Exchange Commission. We talk about one participation of 500 million euros.

And it is that, Binance is one of the 18 co-investors in total (the fourth of all those who have collaborated) in the acquisition of the platform, along with other large companies in the cryptocurrency industry.

Binance CEO Changpeng Zhao later took to Twitter after the purchase was made public, describing the firm’s investment as a “small contribution to the cause”.

A small contribution to the cause. https://t.co/xD9XZxOWfL

— CZ 🔶 Binance (@cz_binance) May 5, 2022

All of this stems from Zhao, who is a big believer in the crypto world’s vision of a new kind of internet, known as Web3 (new web experiences built around blockchain). A Binance involvement in Twitter could be Zhao’s opportunity to realize the decentralized ideals of this new web.

With all this on the table, it seems that the platform could take a turn towards this world. And it is that, it is Musk himself, who, despite the fact that he has not yet decided anything, has already hinted at plans to make the site more crypto friendly, including accepting the meme-inspired dogecoin token as a payment method.

It should also be noted that for him the term Web3 is just a marketing-based buzzword.

His commitment to relax policies about what Twitter users can post has fueled concerns that it could open up the platform to potentially toxic or illegal content or become, as we have already explained on a crypto Twitter.

He has already announced that one of his main priorities for Twitter would be to eliminate “spam and scam bots and bot armies”including those related to cryptocurrencies, so we can affirm that, although we do not know in what percentage, these definitely fall within their facelift plans.