Binance, the world’s largest cryptocurrency exchange – was one of Elon Musk’s financial backups in his recent Twitter deal, contributing a whooping $500 million.
CEO Changpeng Zhao (CZ) believes the social media platform will clear many troubles, including spam comments and scam accounts, with Musk at the top of leadership.
After Elon Musk officially acquired Twitter last week for the original bid of $44 billion, prominent crypto firms such as Binance, Fidelity, and Sequoia Capital, backed the deal by investing hundreds of millions.
As per a recent interview, CZ opined that Twitter will become a much better platform and grant crypto “a seat at the table when it comes to free speech.”
According to CZ, Twitter has many issues, including bots that spam comments, scammer accounts, and, in general, “it’s not been run well:”
“I believe Twitter has not been monetized well, it has not grown well, there are many tactical problems like bots that spam my comments, there are scammer accounts on there.”
Nonetheless, the platform has “huge value in itself,” and with Musk on top of it, “we’re very confident,” CZ noted.
What is Musk planning for Twitter?
As reported by Cryptoforpidgin, Tesla’s CEO fired some top Twitter execs, including Parag Agrawal, Ned Segal, and Vijaya Gadde, few days after assuming ownership.
He also vowed to curb the platform’s problems with fake accounts by urging users to pay for verification.
Recently, Elon revealed his intentions to turn Twitter into an “everything app,” where individuals can message each other, conduct peer-to-peer payments, shop online, and even call a taxi.
Twitter and Dogecoin
There have been rumors that Elon will integrate DogeCoin into Twitter, upon assuming ownership.
This might not be surprising as his company, Tesla, has done that months ago.
With Elon’s social support towards the first-ever memecoin, Dogecoin, some assumed that the token will play a vital role in Twitter’s future development.
After all, Musk’s most top companies – Tesla and Space X – accept DOGE as a means of payment.
The memecoin has been colouring green since the Twitter acquisition saga.
From statistics, it was trading at approximately $0.07 (on the day of the deal), while currently, it dances around 0.15 – s whopping 115% increase.