The co-founder and former CEO of Binance, Changpeng “CZ” Zhao, went on stage in Token2049 in Dubai, in the United Arab Emirates (Water), where he told the public that his investment in the X social media platform aimed to protect freedom of expression.
The former leader of Binance joined a panel by the fireside with the macroeconomic analyst Raoul Pal to discuss the justification of his investment in 2022 in X and artificial intelligence. Zhao said:
“I think that freedom of money is important, but to have freedom of money, you must have freedom of expression. Freedom of expression is somehow the result. If you have that, nothing – no other freedom – works.”
“So when we invested in Twitter at the time, it was based on this philosophy,” said Zhao.
The former CEO of Binance has also criticized European cryptographic policies, characterizing them as dead in water compared to more pro-business jurisdictions such as the United Arab Emirates (water), because it pleaded for greater financial autonomy and personal freedoms.
In relation: CZ aims to teach 1 billion children via Giggle Academy – Token2049
CZ sees the potential in X, but the problems persist
In October 2022, Zhau announced that Crypto Exchange Binance invested $ 500 million in the Twitter control of the businessman Elon Musk, now known as X.
The Crypto Exchange was one of the 19 co-investors of the agreement, which also included companies such as Sequoia Capital Fund and Fidelity Management.
At the time of investment, the former CEO of Binance said that even if “the platform had enormous value, in itself”, it was faced with several problems, including monetization problems, spam robots, development problems and scam accounts targeting users in order to fly funds.
https://www.youtube.com/watch?v=4zlshsuqvou
Zhao urged Elon Musk to prohibit bots on X in March, a problem that persists on the platform, impacting in particular the community of cryptocurrencies on the platform to promote false tokens, scam users or spam the site with promotional content.
Despite these problems, Zhao expressed hope that Binance could help the social media site integrate into web3 by facilitating cryptography payments in the near future.
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