On October 28, a report started rotating where it was claimed that Binance is somewhat involved in Elon Musk’s recent Twitter acquisition.
Finally, it was confirmed that the exchange did have a role to play in Twitter’s recent acquisition. The CEO of Binance confirmed that the exchange did back Elon Musk with a $500 million fund.
Binance Eager to Play a Huge Role
The latest reports surrounding Binance have revealed that the exchange is taking great interest in the development of Twitter.
According to the reports, Binance wants to create a team that would focus on Twitter’s efforts related to blockchain and crypto solutions.
By backing Elon Musk, Binance has become a major contributor to the acquisition of Twitter. Therefore, Binance has become a highly important supporter of Elon Musk.
Many expect that Elon Musk would have Binance play a major role in the advancement of the platform. The exchange may even play a role in setting up the blockchain for Twitter.
The exchange may also play a significant role in bringing more cryptocurrency-related services to the social media platform.
The latest reports have confirmed that 19 major investors contributed to generating a huge amount to back Elon Musk. The mentioned number of investors generated a total of $7 billion.
As for Binance, the exchange carried out the transfer through traditional financial channels. It reportedly transferred the funds through the bank.
Binance had indicated its Twitter Investment
It was in May when Binance had already hinted that it would invest in Twitter. Since then, the cryptocurrency community has been waiting for Binance to extend its support to Twitter.
Many other investors such as Fidelity Management, Sequoia Capital Fund, and Lawrence J. Ellison Revocable Trust also made huge investments in Twitter.
As for Binance, the CEO Changpeng Zhao stated that it is a small investment their company has made for the cause.
The moment the news broke pertaining to Binance’s involvement, the trading price for BNB Coin experienced a significant surge.
The native coin of the Binance exchange has recorded a significant rally as it has surged by 10% in the past seven days.
Twitter is No Longer Public
Elon Musk announced that Twitter would no longer be on the NYSE once the deal has been finalized. As of October 28, the social media platform has been delisted from the New York Stock Exchange.
With Twitter being off the public market, Elon Musk may change Twitter to a payment processing platform. It would be used to make cross-border transactions and BNB Coin and DOGE may be part of it.