The founder and CEO of Binance, the largest cryptocurrency exchange by transaction volume in the world, Changpeng Zhao, also known by his stage name “CZ,” has stated that he is willing to assist Twitter’s new owner, Elon Musk, in bringing the social media platform into the Web3 era.
CZ said there are numerous reasons to embrace the agreement, in which Binance contributed $500 million into Musk’s acquisition of Twitter, in an interview with CNBC’s Squawk Box on October 31. The CEO of Binance highlighted throughout the interview that he supports the purchase since Twitter is a significant platform for entrepreneurship and worldwide free speech, and he also said that he uses Twitter “quite heavily.”
CZ emphasized that he wants to ensure that cryptocurrencies have a voice in discussions about free expression, but that the exchange can also help Twitter accept cryptocurrencies as payment for services like subscriptions.
“We want to make sure that crypto has a seat at the table when it comes to free speech. There are also more tactical things, like we want to help bring Twitter into Web3.”
He added; “We want to help sove immediate problems like charging for membership etc, this can be done very easily and globally using cryptocurrencies as a means of payment.”
It’s no secret that Elon Musk, the CEO of Tesla (NASDAQ: TSLA), is enthusiastic about the cryptocurrency market, so Binance’s backing shouldn’t be a surprise. According to a new analysis, Musk is the writer of the most well-liked tweets about cryptocurrency over the last two years.
Elon Musk has been the Twitter user who has shared and engaged with the most cryptocurrency-related tweets during the previous two years. Most of the tweets in this collection are on Bitcoin (BTC) and the meme coin Dogecoin (DOGE), including one from March 24, 2021, in which he declared that Bitcoin could be used to purchase a Tesla.
The price of the decentralized finance (DeFi) token has previously increased as a result of Musk’s tweets mentioning it. As the Twitter purchase approached, Dogecoin increased by 115% in a week to retake a 5-month high.
Notably, there is expectation that Musk will use DOGE as a tipping mechanism on Twitter, much like how Bitcoin (BTC) and Ethereum (ETH) are used. This is because Musk loves the dog token.