Binance is backing Elon Musks Twitter acquisition, a big deal for crypto enthusiasts
Summary
Bitcoin exchange Binances move to participate in Elon Musks $44 billion takeover of Twitter could boost digital currency evangelists hopes for the development of a more "decentralized," crypto-friendly social media platform. Binance plans to invest $500 million in equity funding as part of a $7 billion financing pledge to support the Tesla CEOs bid to buy Twitter. Such services could incorporate digital tokens like NFTs — the crypto equivalent of collectible items like rare art or trading cards — into things like social media, web browsers or video games. Before he stepped down as CEO, Twitter co-founder Jack Dorsey helped establish an initiative aimed at creating decentralized social media protocols. Ryan Wyatt, head of blockchain group Polygons gaming and metaverse division, said balancing freedom of expression with maintaining a safe environment online is "much easier said than done."