The prospects of monetization potential, crypto community free speech, and decentralization prompted Binance’s Changpeng Zhao to invest $500 million in Elon Musk’s Twitter.
He told CNBC’s Squawk Box that Twitter has not been monetized well, and it has not grown well. Moreover, the microblogging platform has many tactical problems like bots that spam comments and scammer accounts. CZ believes Twitter is not been run well. He sees a huge value in the social media platform and is very much confident, especially now that Musk is at the helm.
CZ shared that Twitter’s difficult price valuation didn’t impact Binance’s investment decision as they considered the long-term prospects to be strong. Twitter gives crypto a seat at the table in terms of free speech. The Binance boss said the crypto exchange is a long-term investor and it believes in strong entrepreneurs and strong platforms. Binance holds free speech as a high priority.
Zhao also hopes to play a part in Twitter’s eventual transition to Web3, like adding cryptocurrency-based payments onto the social media platform. He shared that Binance wants to help solve immediate problems like charging for memberships that can be achieved through cryptocurrencies as a means of payment.
Furthermore, Binance plans to create a dedicated team to work on potential crypto and blockchain-based solutions for Twitter. It will build on-chain solutions to look into issues like spam bot accounts.