(Bloomberg) -- Binance Holdings Ltd., the world's largest cryptocurrency exchange, confirmed that it's an equity investor in Elon Musk's $44 billion acquisition of Twitter Inc.
“We aim to play a role in bringing social media and Web3 together in order to broaden the use and adoption of crypto and blockchain technology,” Binance said in a statement, citing Changpeng “CZ” Zhao, its billionaire co-founder.
Binance in May said it had committed $500 million for the takeover as part of its strategy to bring social media and news sites into the world of web3.
A Binance spokesperson said Friday “our initial commitment remains the same” and flagged the possibility of growing the partnership.
The term “web3” refers to a vision of a decentralized internet built around blockchains, crypto's underlying technology.
Read more: Binance CEO Says He Thinks He'll Stick With Musk in Twitter Bid
(Updates with more from Binance in the fourth paragraph.)
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