Binance is the world’s largest cryptocurrency exchange, processing billions of dollars daily.
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Bitcoin Exchange Binance moves to participate in Of Elon Musk $ 44 billion acquisition twitter It could boost the desire of digital currency evangelists to develop a more “decentralized” crypto-friendly social media platform.
Binance plans to invest $ 500 million in equity funding as part of this. $ 7 Billion Loan Pledge to support Tesla CEO bid to buy Twitter. Oracle Co-founder Larry Ellison and venture capital firm Sequoia are among the other investors involved.
Binance’s participation is particularly curious, especially for the businesses run by Binance. According to CoinGecko data, the company is the world’s largest cryptocurrency exchange, processing over $ 70 billion in spot and derivative trading volumes daily.
Changpeng Zhao, CEO and Founder of Binance, strongly believes in the vision of the cryptocurrency world of a new kind of Internet known as Web3. This is an undefined term, but the concept of Web3 broadly refers to a new web experience built around the blockchain, the technology behind many cryptocurrencies.
Such services can incorporate digital tokens, such as non-fungible tokens, or NFTs (encryptions equivalent to collectibles such as rare art and trading cards) into areas such as social media, web browsers, and video games.
Binance-owned Twitter shares could be an opportunity for Zhao to realize Web3’s decentralized ideals.
“I’m excited to help Earon realize Twitter’s new vision,” Zhao told CNBC Thursday. “We hope to be able to integrate social media and Web3 and play a role in expanding the use and adoption of encryption and blockchain technologies.”
Musk, a self-proclaimed “absolutist of free speech,” frequently laments Twitter’s censorship of conservative statements on the platform and what he sees.
Bitcoin and other digital currencies are not controlled by a single entity. According to supporters, these currencies are “censored”.
Before resigning as Twitter co-founder CEO Jack Dorsey We helped establish an initiative aimed at creating decentralized social media protocols. This project, called Bluesky, was partially formed to address the issues of a few powerful technology companies that manage the most popular online services.
Blueski, backed by Twitter, says it’s an “independent company.”Dorsey, a public supporter of Mask’s bid and a supporter of voice BitcoinRemains on the Bluesky board.
“In principle, I don’t think anyone should own or run Twitter,” Dorsey said in a recent tweet. “I want to be a public good at the protocol level, not a company.”
It’s not yet clear what Musk plans for Twitter, but it’s already suggested plans to make the site more crypto-friendly, including accepting meme-inspired tokens. Dogecoin As a payment method.
“I am very pleased that Twitter as a private organization could be even more agile and agile in servicing these growing ecosystems, whether cryptocurrencies or other new technologies. “I think it’s a good example,” said Michael Sonnenshein, CEO of Cryptocurrency Manager. Grayscale told CNBC in a recent interview.
However, masks can be convincing.The wealthiest man in the world Asked before Whether Web3 was more of a “marketing buzzword” than it really is.
His commitment to relax policies on what Twitter users can post has fueled concerns that it could open the platform to potentially toxic or illegal content. On his side, Mask wants to allow only “law-matching” speeches.
“I’m against censorship far beyond the law,” he said in a tweet last week.
Ryan Wyatt, head of the game and metaverse division of blockchain group Polygon, says that balancing freedom of expression with maintaining a secure environment online is “not as easy as it sounds.” ..
“It’s very easy to say that it shouldn’t be turned on, it shouldn’t be turned on,” Wyatt, formerly responsible for the game on YouTube, told CNBC. “But if I ask 100 different people, you will get 100 different answers.”
“How to make these decisions in a way that not only goes against your values but also supports freedom of speech. These are very difficult and complex conversations that the wealthiest people in the world try to get rid of. I don’t envy you. “