Binance’s Chief Strategy Officer Patrick Hillmann confirmed with Axios that the crypto exchange dumped $500 million into Musk’s Twitter buy as an equity investor. This has been apparent for some time, but the Axios report sheds some light on why the crypto company and Changpeng Zhao, the CEO of Binance, were so interested in little ol’ Twitter.
According to the report, Zhao actually reached out to Musk after spending 40 hours in debate with his internal team. For that money, Zhao expects to be able to engage Musk with ways to “collaborate or help” with something down the line.
Of course, Zhao is a prolific tweeter himself, and is often conversational about whatever’s going on in the news with his exchange, even its fair share of controversy.
Hillman also told CoinDesk that Zhao sees a future of where “Web3” could be used to plug the holes in Twitter’s increasingly leaky ship.