Binance CEO Changpeng Zhao says free speech main reason behind $500 million investment in Twitter

Binance, a cryptocurrency exchange giant, has promised to invest $500 million in Elon Musk’s Twitter to use the platform to boost the growth of Web3. Binance CEO Changpeng Zhao has said Twitter must be properly monetized, and cryptocurrencies may play a significant role in the platform’s redesigned monetization strategies under Musk.

“I think the platform has huge value in itself, and especially now with Elon at the helm, we’re very confident,” Changpeng Zhao told CNBC’s Squawk Box in a recent interview.

Elon Musk, who completed the purchase of Twitter in late October, has stated his desire to incorporate Twitter services with cryptocurrency payments. In April, Musk promoted Dogecoin as a payment option for users using Twitter Blue services. Twitter Blue was introduced in June 2021 and included features like the option to edit tweets.

Free Speech

Zhao, an active Twitter user with over 7 million followers, said he is “extremely supportive” of freedom of speech, which was the main reason behind investing in Twitter.

“Number one is that we want to support free speech. We want to help solve those immediate problems, like charging for memberships that can be done very easily by using cryptocurrencies as a means of payment. We’re long-term investors, we believe in strong entrepreneurs, we believe in strong platforms, we believe in free speech,” Zhao added.

With this monetization strategy, Twitter will allow its extensive user base to test out cryptocurrency.

Binance announced that it is forming a team to investigate how blockchain and cryptocurrency can benefit Twitter.

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