Elon Musk's Twitter pledge confirms Binance's and Sequoia Capital's support for the Web3 push

Elon Musk's Twitter pledge confirms Binance's and Sequoia Capital's support for the Web3 push ...

Elon Musk''s Twitter move for $44 billion (roughly Rs. 3,61,900 crore) has been a hot topic for a significant part of this year already. Binance crypto exchange and tech-focused Sequoia Capital are working together to make this move happen. Both the crypto-focused companies believe Musk''s Twitter move might aid in the global promotion, expansion, and adoption of the cryptocurrency 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 is adopted so that Web3 may make a major social media impact.

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

A series of leaked messages between Musk and Twitter co-founder Jack Dorsey suggested that the pair had been debating in the intention of transitioning Twitter to blockchain, removing its dependencies on government-controlled, centralised systems.

Dorsey''s suggestion was validated by Musk, deeming it a super interesting proposition.

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Dogecoin pricing had risen dramatically in May, according to Tesla CEO, putting memecoin as a payment option for users seeking to use Twitter Blue services.

Yes, the price should be proportionate to affordability and in local currency.

If Musk completes the purchase of the microblogging website, Musk''s intrigue in such ideas suggests a way for crypto-friendly Twitter functioning.

The court had given Musk the deadline to make the deal finalized earlier this month.

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

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

Twitter claims that Musk has a buyer''s remorse and his concerns are a pretext to exit a transaction.