Binance Honours its Commitment to Invest $500M in Elon Musk’s Twitter

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The CEO Changpeng Zhao has confirmed that the world’s leading crypto exchange, Binance has fulfilled its commitment to support the new CEO of Twitter, Elon Musk with $500 million as an investment to support his acquisition of Twitter.

The news was announced via Zhao’s Twitter page. CZ stated that the money was transferred by one of the exchange’s interns. The new partnership is a deal that is expected to integrate Web3 into the Twitter space.

So many crypto users seem to be excited about the new era that is about to take place in the digital space. A Twitter user @nahweoh says; 

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Since Twitter plays a major role in the crypto ecosystem, it will only make sense for crypto companies to have a stake in it. I love CZ for always putting the crypto community first.”

Elon Musk made plans to make the $44 billion acquisition of Twitter official on April 25. The transaction was expected to close in 2022, subject to approval from Twitter investors and regulatory authorities.

Binance has remained relevant in the digital ecosystem despite the current economic downturn in the blockchain industry. The $500 million investment in Twitter is a fulfillment of its commitment to invest $1 billion in the months to come as pledged by CZ. Binance has invested $325 million in 67 initiatives over the last nine months.

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Elon Musk in the Growing Digital Economy

Elon Musk has persisted in demonstrating his support for blockchain through his innovative ideas and investments in a number of cryptocurrency businesses. He expressed the opinion that the cryptocurrency sector is unbreakable despite examination by many governments across the world to regulate the industry.

Musk offered several suggestions in a conversation on Twitter that he believes can put Twitter on the correct track for upholding the principles of free expression. He suggested that the dogecoin (DOGE) should be used for making Twitter Blue payments.

Musk recently tweeted that his company (The Boring Company) which deals in the sales of perfume now allows customers to purchase perfumes using the DOGE in addition to using fiat currency.

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