Binance is backing Elon Musk’s Twitter bid, boosting crypto believers’ vision of a ‘decentralized’ web
Bitcoin exchange Binance’s move to participate in Elon Musk’s $44 billion takeover of Twitter could boost digital currency evangelists’ hopes for the development of a more “decentralized,” crypto-friendly social media platform.
Binance plans to invest $500 million in equity funding as part of a $7 billion financing pledge to support the Tesla CEO’s bid to buy Twitter. Oracle co-founder Larry Ellison and venture capital firm Sequoia are among the other investors involved.Binance’s participation is curious, not least because of the business it operates. The company is the world’s largest crypto exchange.
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