CZ highlights that brand new technologies would help a platform such as Twitter move to web3. Binance supported with USD 500 million to definitively purchase Twitter in joined efforts with Elon Musk.
The creator and CEO of Binance, a bitcoin and other cryptocurrency exchange, Changpeng Zhao (CZ), opened up about his desire to migrate Twitter from web2 to web3, reaching new levels regarding blockchain upgrades and cryptography.
This statement arrived during a conversation hosted by CoinMarketCap, one of the most prominent market price indicators. In his participation, the manager reflected on Twitter, an entity for which he will help with USD 500 million to achieve its acquisition by Elon Musk. He described it as a strategic investment for the company he leads.
According to CZ, new technologies can help accept payments in digital assets through a space where cryptography helps support specific interactions between those who play their part in the network.
Web 3.0, also called web3, updates the current global Web; it means that it feeds with improvements to the next generation of the Internet. There, the use of decentralized blockchains might become a usual activity, on which, among other things, virtual spaces with economic archetypes focused on digital assets or the well-known metaverses can get crafted.
Musk Talks about Freedom
Like Musk, who brought more than $44 billion to acquire Twitter, Zhao emphasizes freedom of expression as one of the reasons to take control of the company. Liberty was one of the consigns of the CEO of Tesla and SpaceX in his efforts to acquire the entity headquartered in San Francisco, California.
Musk used the censorship that harmed Twitter as a reason to buy the entity and highlighted the need to turn it into a private entity as a way to consolidate freedom in all its shapes.
Shortly after, Binance publicly announced their desire to help with USD 500 million to Elon Musk’s offer for the purchase of Twitter. That amount of money is part of a fund registered at more than USD 7 billion, and a dozen participants got present to join the cause.
Elon Musk is not alone in his efforts to execute the purchase of Twitter. And among those joining him is the most prominent bitcoin exchange worldwide: Binance.
The exchange revealed a contribution of 500 million dollars to purchase the social network from the businessman. That sum of money is part of a fund of some 7,139 million that had the commitments of more than a dozen participants, as shown by the documents revealed by Musk in front of the United States Securities and Exchange Commission.
Although the negotiation plan got obstructed until the total number of false accounts operating on Twitter came to the public, the millionaire still could acquire the entity created by Jack Dorsey more than a decade ago in what could be a 180° change in the way the company behaves.
By: Jenson Nuñez.
