The CEO and founder of Binance, the largest cryptocurrency exchange in the world in terms of trade volume, Changpeng Zhao (or CZ), has stated that he is willing to work with Elon Musk, the new owner of Twitter, in transitioning the social media platform into Web3.
CZ commented on CNBC’s Squawk Box on October 31 and explained why Binance’s $500 million investment in Musk’s acquisition of Twitter received widespread support. CZ stated during the interview that he uses Twitter “very heavily” and that Twitter is a global platform for free speech.
Zhao is excited about Elon Musk’s new vision for Twitter, stating, “We’re excited to be able to help Elon realize a new vision for Twitter. We aim to play a role in bringing social media and Web3 together to broaden the use and adoption of crypto and blockchain technology.”
“We want to make sure that #crypto has a seat at the table when it comes to free speech,” says @cz_binance on @binance investing $500M into @elonmusk‘s purchase of @twitter. “We want to help bring @twitter into Web3 when they’re ready.” pic.twitter.com/BmbWJqXvul
— Squawk Box (@SquawkCNBC) October 31, 2022
Binance’s support, announced in May, was followed by other prominent angel investors such as Oracle co-founder Larry Ellison and Twitter majority stakeholder Prince Alwaleed bin Talal of Saudi Arabia.
According to the cryptocurrency indexer Nomics, Binance has accounted for 22% of all cryptocurrency trading this year, nearly four times as much as any other exchange.
Binance Can Be Beneficial to Twitter
CZ emphasized his desire for crypto to have a voice in free-speech discussions. He believes that the exchange can help Twitter by introducing crypto as a payment option for things like memberships.
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