The bullet is now through the church: The richest man in the world, Elon Musk, recently took over the social media platform Twitter. Musk didn’t do it financially on his own. Several companies have come to his aid and one of these companies is the largest cryptocurrency exchange in the world, Binanza. We at Crypto Insiders recently had the privilege of questioning Binance’s “Benelux boss”, Roy van Krimpen, about Binance’s choice of 500 million dollars investing in Musk’s acquisition of Twitter.
The acquisition of Twitter by Binance and Elon Musk
Previously, Binance CEO Changpeng Zhao (CZ) said he believes Twitter has made some missed huge opportunities. Because of this, according to CZ, the platform lost a lot of money. He thinks this will be different under the rule of Elon Musk.
Roy van Krimpen also indicated that they at Binance believe Elon Musk is definitely the right man to relaunch Twitter right now, and that Musk’s takeover of Twitter was worth $500 million to Binance:
“We think Elon Musk is a good bridge between Web2 and Web3 and understand things on both sides. Furthermore, the plans that Elon Musk has with Twitter are in line with the structures that Binance could offer. Finally, freedom of expression, which Elon Musk holds dear, is closely related to our slogan: “The freedom of money”. Binance wants to spread the freedom of money and Elon Musk is openly in favor of free speech. If we can promote this freedom, we are happy to contribute to it”.
Twitter-bot
Elon Musk’s top priority is to fix the problem as soon as possible bot fix on twitter. According to Musk, a large portion of Twitter’s users are such bots, and that doesn’t exactly benefit the platform. Binance also clearly sees the benefit of getting rid of bots and is willing to help Elon Musk with that:
“It is very visible to us that there is a problem with bots. Then we also see on the internal side that sometimes people get scammed through Twitter. Protecting our users is one of our most important core values. We want to protect users at all times. We want to take more responsibility for this than what happens on our platform. There are people who fall for bots on Twitter, so under the guise of ours user protection we try to solve it in the best possible way.
Binance at the table?
Since Binance has now invested a lot of money in the acquisition of Musk on Twitter, there are also rumors that the cryptocurrency exchange may have a say in the future of the platform. According to Roy van Krimpen, however, this is not the case. He states that Binance has invested with complete confidence in Elon Musk’s leadership:
“No. We have no say, we are not at the table or the blackboard. It is entirely up to Elon Musk to organize this as he wishes. It is entirely funded in good faith and by a support function. We have not made any agreements in the sense of: ‘we give this, so in return we want that’.”
