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’s Take on Web3 and Twitter
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.”
“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.”
Elon Musk the CEO of Tesla, is well known for having a strong interest in the cryptocurrency market, thus Binance’s backing shouldn’t be a surprise. CZ further went on to say,
“We want to help solve immediate problems like charging for membership etc, this can be done very easily and globally using cryptocurrencies as a means of payment.”
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High Hopes from Elon’s Twitter Purchase
According to a recent analysis, Musk is the writer of the most well-liked tweets that have mentioned cryptocurrency in recent years. 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, the industry knows how much Elon loves the dog inspired memecoin.
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