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Binance Backs Elon Musk’s Bid To Bring Twitter On The Web 3.0 Platform

Along with Binance $500 million investment, other investors include Sequoia Capital Fund, Qatar Holding LLC, and Brookfield Asset Management.

Binance Backs Elon Musk's Bid To Bring Twitter On The Web 3.0 Platform

Binance CEO Changpeng Zhao stated that the company is pleased to be able to assist Elon in realizing a new vision for Twitter.  He added that they intend to play a part in bringing social media and web3 together and expanding the use and adoption of cryptocurrency and blockchain technology. As part of its aim to bring social media and news sites into the web3, Binance Holdings Ltd. has donated $500 million to Elon Musk’s proposed buyout of Twitter Inc.

The transaction was part of Musk’s $7.1 billion in new funding for his proposed $44 billion buyout of Twitter. Other investors include Sequoia Capital Fund, Qatar Holding LLC, and Brookfield Asset Management.

The crypto community uses Twitter as a primary medium for online discussion. Musk’s Twitter avatar was momentarily altered to a collage of Bored Ape NFTs, one of the most popular collections on the market, yesterday. The ApeCoin token’s price soared during European hours due to this.

Binance is forming an internal team to look into how blockchain may benefit Twitter and other social networks and has brought up BNB Chain, a distributed ledger that Binance helped build, to Musk and his team, according to Patrick Hillmann, Binance’s chief communications officer.

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