Changpeng Zhao (stage name “CZ”), founder and CEO of Binance, the world’s most traded cryptocurrency exchange, has said he is willing to help new Twitter owner Elon Musk bring the social media platform into Web3 era.
CZ’s take on Web3 and Twitter
In an Oct. 31 interview with CNBC’s Squawk Box, CZ said there were a number of reasons to accept the deal, with Binance contributing $500 million to Musk’s acquisition of Twitter. The Binance CEO emphasized throughout the interview that he supports the acquisition because Twitter is an important platform for entrepreneurship and global freedom of speech, and he also said he uses Twitter “very frequently.”
“We want to make sure that cryptocurrencies have a place in free speech. There are more tactical things, like we want to help bring Twitter to Web3.”
Tesla CEO Elon Musk is known for his keen interest in the cryptocurrency market, so Binance’s support should come as no surprise. CZ further said,
“We want to help with immediate issues like membership fees, which can be done very easily globally by using cryptocurrencies as a means of payment.”
Elon buys Twitter with high hopes
According to a recent analysis, Musk is the author of the most popular tweets mentioning crypto in recent years. The price of decentralized finance (DeFi) tokens has previously risen since Musk mentioned it in a tweet. Dogecoin rose 115% in a week, recapturing its highest level in five months as the Twitter acquisition looms.
Notably, Musk is expected to use DOGE on Twitter as a tipping mechanism, much like how Bitcoin (BTC) and Ethereum (ETH) are used. This is because the industry knows how much Elon loves the dog-inspired memecoin.
- Binance
- CZ Binance
- Elon Musk
- Web3
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