“Charging for memberships, etcetera, can be done very easily globally using cryptocurrencies as a means of payment”
That’s Binance CEO Changpeng Zhao, who thinks that his company’s Twitter investment can be a real boon for cryptocurrencies.
“We want to help solve immediate problems,” Zhao said on CNBC’s “Squawk Box” Monday morning, days after Binance helped to finance Elon Musk’s takeover of Twitter, which is being taken private and de-listed. “Charging for memberships etcetera can be done very easily globally using cryptocurrencies as a means of payment.”
Zhao’s comment comes after buzz about possible monthly charges for Twitter blue subscriptions, as well as a charge for verified users, who would lose the blue verification checkmark within 90 days if they didn’t pay. The news was first reported by The Verge, which cited an “internal correspondence.”
Read also: Want that blue Twitter checkmark? Elon Musk might force you to pay up.
In the interview with CNBC on Monday morning, Zhao said there was a need to “make sure crypto has a seat at the table when it comes to free speech.”
Zhao also added that he is not worried about the short-term price fluctuations of Twitter.
“I believe Twitter has not been monetized well, it has not been grown well. There’s many tactical problems, like the bots, the spam […] it’s just not been run well,” he said, while adding that he believes the Twitter platform itself is very strong.
Last week, news came out that Binance invested $500 million in Elon Musk’s Twitter deal, prompting speculation about how much the future of Twitter will involve blockchain technology and cryptocurrency.
“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 in order to broaden the use and adoption of crypto and blockchain technology,” Zhao had said last week in an email to MarketWatch.
BNB, which is Binance’s coin, surged after Binance confirmed it is an equity investor in the Twitter acquisition. BNB is up 3.78% to $325.74.
Watch the full segment below: