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Binance chips in on Musk Twitter takeover bid

By Annabelle Simpson
May 11, 2022 0

One of the largest crypto exchanges is actively supporting billionaire entrepreneur, Elon Musk, in his much-publicised Twitter takeover bid.

Binance is one of the better-known brands in crypto. It operates the largest crypto exchange in the world by daily trading volumes. Binance also has the third-largest stablecoin offering by market capitalisation.

It is now also one of a dozen investors that have chipped in to help Elon Musk acquire Twitter, with it adding $500 million to the kitty. No one would have imagined that assisting in the takeover of a social media giant would have been high on Binance CEO, Changpeng Zhao’s priority list. However, Twitter has become the leading platform for crypto enthusiasts and investors to interact, and perhaps it does make perfect sense and signifies the social media industry more broadly expanding its horizons to build out its Web3 capabilities.

Currently, Binance’s revenue predominately relates to crypto trading, with the Twitter deal paving the way for a possible diversification of its revenue streams. Twitter currently houses a great deal of discussion about the crypto space and is the medium through which a large amount of crypto-related conversation takes place. In a statement released on Binance’s website, Zhao said:

“We’re excited to be able to help Elon realise a new vision for Twitter. We hope to be able to play a role in bringing social media and web3 together and broadening the use and adoption of crypto and blockchain technology.”

With many question marks still circulating about what exactly the new Twitter will look like under Musk, the possibility must certainly be considered that this new Web3 embracing Twitter will be just thing that drives mainstream adoption of crypto across the world.


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