We invested $500m into Elon Musk’s acquisition to bring Twitter into web3, says Changpeng Zhao

Binance is one of the leading investors in Elon Musk’s acquisition of Twitter as it seeks a place for cryptocurrencies on the platform.

Changpeng Zhao (CZ), the CEO of Binance, the world’s leading crypto exchange, has revealed that the company invested $500 million into Elon Musk’s acquisition to bring Twitter into web3. 

He revealed this during an interview with CNBC on Monday, adding that he wants a place for the cryptocurrency market on the table. When asked why he invested in Musk’s Twitter acquisition, CZ said;

“We want to make sure crypto has a seat at the table when it comes to free speech. There are more tactical things like we want to bring Twitter into Web3 when they’re ready.”

“We want to make sure that #crypto has a seat at the table when it comes to free speech,” says @cz_binance on @binance investing $500M into @elonmusk‘s purchase of @twitter. “We want to help bring @twitter into Web3 when they’re ready.” pic.twitter.com/BmbWJqXvul

— Squawk Box (@SquawkCNBC) October 31, 2022

He added that Binance is committed to supporting strong entrepreneurs like Elon Musk. CZ added that;

“Twitter is a tool that I use a lot personally, and I want to ensure that crypto has a seat at the table when it comes to free speech. We also want to help solve immediate problems such as charging for memberships. That can be done very easily globally using cryptocurrencies as a means of payment.”

Twitter’s new owner Elon Musk also heads a few other companies, including Tesla, SpaceX and the Boring Company. When asked how Musk will deal with the pressure of managing numerous businesses, CZ said he believes Elon Musk can handle the pressure that comes with the job. He said;

“Everyone has to deal with the pressure that comes with managing businesses and the influence of their friends. If anyone can take the pressure, I think Elon Musk has shown that he can handle pressure.”

Last week, CZ pointed out that Binance will support Elon Musk’s acquisition of Twitter. The world’s richest person went on to complete the acquisition a few days later.

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