Binance is backing Elon Musk's Twitter bid, boosting crypto believers' vision of a 'decentralized' web

Posted 49 days ago


Bitcoin exchange Binance's move to participate in Elon Musk's $44 billion takeover of Twitter could boost digital currency evangelists' hopes for the development of a more "decentralized," crypto-friendly social media platform.

Binance plans to invest $500 million in equity funding as part of a $7 billion financing pledge to support the Tesla CEO's bid to buy Twitter. Oracle co-founder Larry Ellison and venture capital firm Sequoia are among the other investors involved.

Binance's participation is curious, not least because of the business it operates. The company is the world's largest crypto exchange, handling more than $70 billion in spot and derivative trading volumes on a daily basis, according to CoinGecko data.

Changpeng Zhao, Binance's billionaire CEO and founder, is a big believer in the crypto world's vision of a new kind of internet, known as Web3. It's an i... (Read more)