😱🔥BREAKING: Binance invests 500 million dollars in Elon Musk's acquisition of Twitter

#Binance, the world's largest cryptocurrency exchange by transaction volume, announced that it has invested 500 million dollars from the 500 million dollars of #ElonMusk's 44 billion dollar deal to acquire Twitter (TWTR). The small but significant move has fueled speculation that the social media company could operate with blockchain technology in the future.

Binance CEO Changpeng Zhao (also known as CZ) tweeted: “We transferred 500 million dollars two days ago, probably right when Elon/Twitter questions were being raised.”

Binance is said to have formed a team to think about how blockchain and cryptocurrencies could benefit Twitter.

Will Twitter work on Blockchain?

Musk, who tweeted that "the bird has been freed" after it was announced that Twitter would become more centralized and change, has been toying with the concept of connecting blockchain to social networks for a long time. Musk wrote in a March text to former Twitter CEO Jack Dorsey, "The idea of free speech on blockchain has existed for a long time." "The question is how to implement it."

Binance's support for Musk's Twitter

Binance first announced plans to support Musk's acquisition preparations in May. At that time, CZ said it was a "small contribution to the cause" and that the deal would connect social media and news to Web3.

The company's contribution surpasses those of its counterparts, with investments from Morgan Stanley, Bank of America, and Barclays committing at least $2.5 billion in debt capital for the deal.

Other payments include Sequoia Capital, Qatar Investment Authority, and Fidelity Management & Research.

For Binance CEO CZ, the investment is an opportunity to showcase Web3. He made it clear earlier this year that the exchange's support was essential and that the deal would not be backed if implemented alone. "If he [Musk] goes, we go," he said in an interview.

Given the dramatic evolution of the Twitter acquisition, it wouldn't be surprising if more events developed in the coming months.