Binance Holding Limited, the world’s largest cryptocurrency exchange, confirmed on Friday that it was an equity investor in Elon Musk’s $44 billion takeover of the microblogging website Twitter (TWTR).
“We’re excited to be able to help Elon realize a new vision for Twitter,” Binance said in a statement, citing Changpeng “CZ” Zhao, its billionaire co-founder. “We aim to play a role in bringing social media and Web3 together in order to broaden the use and adoption of crypto and blockchain technology,” the statement added.
Also Read | TRUTH Social fate uncertain if Elon Musk allows Donald Trump on Twitter
Musk finalized the deal on October 27, with a handful of top Twitter executives escorted to the door as the new owner of the social media platform took charge.
In May, Binance said it had committed $500 million for the acquisition, alongside 18 other investors that included the likes of cryptocurrency investment firms Sequoia Capital Fund, Fidelity Management, and Research Company.
Also Read | Elon Musk’s Twitter takeover: How much Parag Agrawal, Ned Segal and Vijaya Gadde stand to make?
The investment is a part of Binance’s strategy to bring social media and news sites into the world of Web3. CZ referred to the commitment as “a small contribution to the cause” in a tweet after news of the takeover first emerged. He said at the time that the priority should be to reduce spam and scams on the platform.
CZ confirmed on October 28 that the company had indeed invested its money as Musk finalized his acquisition of Twitter. Binance’s founder wrote on his Twitter account that the company had wired the funds earlier in the week.
Replying to the questions in the thread, CZ said that he was not involved in facilitating the transaction himself.
Also Read | Elon Musk Twitter deal: A timeline of events
However, Binance’s $500 million stake in Twitter makes it the fourth largest contributor to the acquisition. The Lawrence J. Ellison Revocable Trust wired $1 billion to make it the largest contributor to the Musk-led acquisition of the social media platform, reported Cointelegraph.
On Friday, Twitter announced that it will allow users to buy, sell, and display non-fungible tokens (NFTs) directly through Tweets in partnership with four marketplaces.
Also Read | What Elon Musk said in note to Twitter advertisers ahead of completing acquisition
The integration, named NFT Tweet Tiles, puts an NFT’s artwork in its own panel within a tweet and adds a button that directs viewers to a listing on a marketplace.