Binance CEO proposes Binance Pay for Twitter payments

Changpeng Zhao hopes $500m Twitter investment will give crypto sector ‘seat at the table’

Smartphone displaying the Binance name and logo                                 
Binance’s boss Changpeng Zhao has hinted Binance Pay could provide payment solutions to Twitter – Photo: Shutterstock

The CEO of Binance has hinted that the prominent cryptocurrency exchange could provide payment services to Twitter following its acquisition by Elon Musk.

CZ extolls the virtues of Binance Pay

Speaking at Web Summit in Lisbon, Changpeng ‘CZ’ Zhao said that the company had contributed $500m (£436m) to Musk’s $44bn social media platform takeover to give cryptocurrencies “a seat at the table”.

Zhao added: “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 Binance Pay will enable users to pay merchants with “whatever coin or currency or fiat currency they choose” and said that the conversion to the merchant’s chosen means of payment would come at “no extra charge.” 

Musk’s plans for Twitter

After taking over as ‘Chief Twit’ last week, Musk has said that he plans to turn Twitter into a more viable business by charging accounts $8 for their blue-tick verification.

Taking to the platform, the billionaire tweeted: “Twitter’s current lords and peasants system for who has or doesn’t have a blue checkmark is bullshit. Power to the people! Blue for $8/month.”

In exchange for the fee, Musk said that users will be given priority in replies, mentions and search and the ability to post longer videos, see fewer ads and to bypass some publisher paywalls. 

Supportive of anything to do with crypto or Web 3.0

Zhao told the conference that his firm would be “supportive of anything that is to do with crypto or Web 3.0”, adding: “We have all the technologies, we have the know-how, we have the products, so we’re ready to help.” 

When asked whether he would consider joining the board of Twitter, Zhao said he was “indifferent” to the idea and added: “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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