HomeTechnologyBinance, Sequoia Capital Push for Web3, Backs Elon Musk’s Twitter

Binance, Sequoia Capital Push for Web3, Backs Elon Musk’s Twitter

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Elon Musk’s Twitter takeover for $44 billion (roughly Rs. 3,61,900 crore) has been a hot topic for a large part of this year already. Now that Musk’s stance on whether or not to go with the deal is coming closer to confirmation, Binance crypto exchange and tech-focussed Sequoia Capital is backing the completion of this bid. Both the crypto-focussed firms believe that Musk’s Twitter takeover could make for a milestone turn in the global promotion, expansion, and adoption of the crypto sector as the next phase of the fintech sector.

Both, Sequoia Capital and Binance have pledged $800 million (roughly Rs. 6,600 crore) and $500 million (roughly Rs. 4,100 crore) to Musk’s final bid.

The companies are hoping that the deal comes through so that Web3 could get a major social media push.

Musk, an avid supporter of the Dogecoin, is a pro-crypto billionaire who does not shy away from speaking on the subject on public platforms.

Recently, a bunch of leaked messages between Musk and Twitter co-founder Jack Dorsey indicated that the duo had been dabbling in the idea of moving Twitter to blockchain, eliminating its dependency on government-controlled, centralised systems.

Musk validated Dorsey’s proposal calling it a “super interesting idea”.

Around May, Dogecoin prices had seen a significant climb after the Tesla CEO pitched the memecoin as a payment option for users seeking to avail Twitter Blue services.

Musk’s intrigue in such ideas seemingly paves a way for crypto-friendly Twitter functioning, if he finalises the purchase of the microblogging site.

Earlier this month, the court gave Musk the deadline up to October 28 to finalise the deal.

In April this year, Musk purchased a 9.2 percent stake in Twitter and two weeks later, he offered to buy the company for $44 billion.

Musk, however, began reneging on the Twitter buyout, claiming that the company hadn’t levelled with him about the number of spam and bot accounts among its more than 230 million users.

Twitter says Musk has buyer’s remorse and his concerns are a pretext to get out of a deal.

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