By incorporating cryptocurrency payments and putting a dedicated staff of on-chain experts to work to combat spam bot accounts, Binance will also aid with the integration of Twitter into Web3.

CEO of inance Changpeng “CZ” Zhao gave an explanation of the reasoning behind the company’s $500 million co-investment Confi Elon Musk’s Twitter, noting the possibility to “help move Twitter into Web3” in the future, free expression in the crypto community, and the potential for monetization.

In a CNBC Squawk Box segment on October 31, CZ made the following remarks about the motivations behind his joint investment with Elon Musk to purchase the social media platform:

“I believe Twitter has not been monetized well, it has not grown well, there are many tactical issues such as bots spamming my comments, scammer accounts on there, and it has not been run well.”

But I believe the platform has enormous value on its own, and especially now that Elon is in charge, we are optimistic,” he continued.

Since it initially made its support known in May 2022, Binance has remained steadfast in its stance in favor of Musk’s purchase of Twitter. Sequoia Capital Fund, Fidelity Management, and Research Company are a few additional co-investors.

The CEO of Binance claimed that despite Twitter’s challenging price valuation, the company’s investment choice was unaffected since it saw excellent long-term potential while also offering cryptocurrencies a “place at the table” for free speech:

“We’re long-term investors who believe in strong entrepreneurs, strong platforms, and free speech […] we look at this from a 10, 20, 50, or 100-year perspective, so a little price fluctuation on a monthly basis doesn’t bother us.”

However, Musk won’t be making the decisions about which Twitter accounts are reinstated; instead, a new “content moderation council” will be in charge of making those decisions.

The multibillionaire businessman did, however, affirm in a tweet that the council will use its discretion while considering “widely diversified opinions.”

According to CZ, it made the investment in order to help Twitter eventually make the switch to Web3, such as by enabling cryptocurrency-based payments on the social media platform:

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