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CZ Suggests Binance Pay as ‘Solution’ for Crypto Payments on Twitter

After Musk’s Twitter takeover, Binance CEO Changpeng Zhao said that his company is “ready to help” with crypto and Web3 on the platform.

2 min read
Changpeng Zhao is the CEO of crypto exchange Binance. Image: Stephen Graves/Web Summit.

Crypto exchange Binance has plunged $500 million into Elon Musk’s takeover of social media platform Twitter, with a view to giving crypto a “seat at the table.”

Now, Binance CEO Changpeng ‘CZ’ Zhao appears to be mulling a deeper integration of the exchange and the social media platform.

Speaking at Web Summit, Zhao said, “It’s very easy to support a dozen, a couple of hundred cryptocurrencies as payments. We already have a solution that does that: Binance Pay.” He added that the service enables users to pay merchants in “whatever coin or currency or fiat currency they choose,” with Binance handling the conversion to the merchant’s currency of choice at “no extra charge.”

Binance wants to be “supportive on anything that is to do with crypto or Web3” relating to Twitter, Zhao said. “We have all the technologies, we have the know-how, we have the products, so we’re ready to help.”

Zhao added that he has yet to meet Musk in person, “because of COVID and everything; he’s busy, I’m busy.” Hanging out with the Tesla CEO, he said, “might not be the most time-efficient thing.” 

And he has yet to ask for a “detailed plan” of Musk’s plans for Twitter. “He did mention about Dogecoin, charging for tweets, charging for comments, charging for the blue tick,” said Zhao. “I think all of those things are coming.”

Zhao also said that he’s prepared to join the board of Twitter, should Musk ask—albeit reluctantly.

“I’m indifferent to it,” he said. “If I’m asked, I probably would do it just as a favor, but it’s not something I’m dying to do. I’m pretty busy with Binance already.”

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