Binance is Supporting Elon Musk’s Twitter bid, Boosts Hopes of Crypto Believers of Decentralized Web

Binance elon musk

The move of Bitcoin exchange Binance to back Elon Musk’s $44 billion takeover of Twitter might boost hopes of crypto believers of having a decentralized crypto-friendly social media platform.

Binance anticipates participating with $500 million in equity funding to support Musk’s bid to buy Twitter. Venture capital firm Sequoia and Oracle co-founder Larry Ellison are other investors involved.

Binance’s participation is inquisitive as it is the world’s largest cryptocurrency exchange company which handles more than $70 billion in spot as well as derivative trading volumes every day.

Binance’s billionaire CEO and founder Changpeng Zhao is a big believer in the cryptocurrency world’s vision of a new internet, Web3.

Binance’s participation in Twitter might be Zhao’s opportunity to realize Web3′s decentralized ideals.

Zhao said, “We’re excited to be able to help Elon realize a new vision for Twitter. We hope to be able to play a role in bringing social media and Web3 together and broadening the use and adoption of crypto and blockchain technology.”