#Binance , the world’s largest cryptocurrency exchange by trading volume, announced that it has invested $500 million of the $500 million snippets of #ElonMusk ’s 44 billion snippet deal to acquire Twitter (TWTR). The small but significant move has fueled speculation that the social media company could be powered by blockchain technology in the future.

Binance CEO Changpeng Zhao (also known as CZ) tweeted, “We transferred $500 million 2 days ago, probably right around the time Elon/Twitter questions were being asked.”

Binance is said to have formed a team to brainstorm on how blockchain and cryptocurrencies could benefit Twitter

Will Twitter Work on Blockchain?

Musk, who tweeted that “the bird was released” after Twitter was announced to be more centralized and changed, has been toying with the concept of connecting blockchain to social media for a long time. Musk wrote in a March text message to former Twitter CEO Jack Dorsey, “The idea of blockchain free speech has been around 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 the 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 dwarfs its counterparts, with investments from Morgan Stanley, Bank of America and Barclays committing at least $2.5 billion in debt capital to 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 supported if it were implemented alone. "If he [Musk] goes, we go," he said in an interview.

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

#CZBİNANCE #BTCReclaims101K #MarketMajorComeback