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Binance made a huge investment in Twitter in a bid to help Elon Musk fight bots and strategize the platform using blockchain and crypto.
Binance CEO Changpeng Zhao, known throughout the crypto world simply as "CZ," explained why he injected $500 million into Elon Musk's Twitter. The Chinese Canadian billionaire wants Twitter to realize its monetizing potential and the crypto community's free speech. CZ also wants to "help bring Twitter into Web3."
Many have criticized the number of bots on Twitter, and Musk tried to pull out of his purchase, citing bots and false accounts as his main reasons. Binance has been fully supportive of Musk's acquisition of the social media platform all along. CZ was vocal in his criticism of how the platform was run, saying, "I believe Twitter has not been monetized well, it has not grown well, there's many tactical problems like bots that spam my comments, there's scammer accounts on there, it's not been run well."
While Musk stalled, citing the incorrect valuation of Twitter, CZ said that the price had no impact on his decision as the long-term prospects remained good. He also was adamant about giving crypto a seat at the table and moving the cause of free speech further.
Twitter is reportedly preparing its own crypto wallet, which will offer support for deposits and withdrawals. The social media platform has introduced a few crypto-related services and features on its site over the past twelve months. However, well-known crypto blogger Jane Manchun Wong recently tweeted that a Twitter wallet is in the offing, stating, "Twitter is working on a 'wallet prototype' that supports 'crypto deposit and withdrawal,"
Meanwhile, the American news website Axios announced that Elon Musk is preparing to relaunch the short-form video hosting service Vine. Vine's users could share six-second-long looping video clips on social media platforms. Launched in 2012, Vine was acquired by Twitter in 2013 and grew to have 200 million users. Twitter then announced in 2016 that uploads were disabled. In 2022 the service was closed completely.
Musk has apparently instructed engineers to start work on relaunching it. It looks like Musk wants to take on TikTok.
Since Musk acquired Twitter, Dogecoin has continued to rally, with Doge jumping a massive 159% in the last week. The platform's daily trading shot up to an impressive $136.7 over the same period. Doge now ranks as the 8th largest cryptocurrency. The coin is still down from its May 2021 high of $0.731578, but the situation is certainly looking better for the DOGE community.
Ethereum co-founder Vitalik Buterin expresses concern at those pursuing Institutional capital. He believes that crypto is not yet ready for integration into mainstream finance. He states, “Regulation that leaves the crypto space free to act internally but makes it harder for crypto projects to reach the mainstream is much less bad than regulation that intrudes on how crypto works internally.”
Crypto exchange Coinbase has joined the Blockchain Association and petitioned a federal court in support of Ripple Labs. Coinbase believes that the Securities and Exchange Commission (SEC) has acted inconsistently in its approach to enforcement and has created uncertainty for crypto companies.
Following a month of unprecedented hacks, blockchain industry leaders call for a new standard of interoperability. In addition, with $2 billion worth of assets stolen in bridge attacks this year, many investors express doubts regarding the technology and demand a better solution.
Ethereum NFT project Art Gobblers launched this week, and secondary sales rocketed. Now people in the NFT space call a foul against NFT influencers alleging unfair distribution practices. The accusations center around whether these influencers simply have too much influence.
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The much talked about Polygon MATIC cryptocurrency platform is directed and discussed to provide a thorough guide to this relatively new kid on the block
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