TWTR - Binance Helped Fund Elon Musk's Twitter Takeover. Now It Wants a Crypto 'Sandbox.'
Binance chipped in $500 million of equity financing to help Elon Musk buy Twitter. Now that the deal is complete, the world’s largest cryptocurrency exchange is being louder about how it sees opportunities for crypto on the social media platform.
Binance’s role in funding Musk’s Twitter ( NYSE:TWTR ) take-private represents just one part of how the crypto space sees digital assets playing a role on the influential social media site. Musk himself has been an outspoken proponent of cryptocurrencies, with the billionaire CEO of Tesla TSLA –2.41% owning BitcoinBTCUSD –0.43%, EtherETHUSD –1.28%, and DogecoinDOGEUSD –7.02%, and pushing his companies to be at the forefront of adopting crypto.
Speculation over how crypto may have new uses on Twitter has been reinvigorated since the final days before the deal’s completion last Friday. While it’s just that—speculation—the main themes boil down to Twitter buying Bitcoin for its corporate treasury and expanding payments on the platform to include crypto, whether that be in peer-to-peer transactions or microtransactions that verify users.
There is also a broader view being pushed by Binance that Twitter could lead innovation in “Web3,” a vision of the next generation of the internet with decentralization at its heart, including crypto underpinning the digital economy.
“We look at this as a massive, historic opportunity for R&D—a chance to take a prestigious Web2 platform in Twitter and use it as a sandbox,” Patrick Hillman, chief strategy officer at Binance, said in a video interview with CoinDesk on Tuesday. “For us, it’s all about getting crypto at the table.”
Hillman said that issues that have plagued the “Web2” internet could be solved with Web3 technologies, such as using non-fungible tokens, or NFTs, to help with user verification, or expanding Twitter as a payments system.
Changpeng Zha...
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