If asked by Twitter’s new owner Elon Musk, according to Changpeng Zhao, the CEO of Binance, he would be open to joining the social media network’s board of directors.
Previously, Binance invested $500 million into Elon Musk’s attempt to acquire Twitter, which finished last Friday. Regardless of the challenging acquisition, Binance’s senior executive remained committed to providing financial backing for Musk’s $44 billion offer. The cryptocurrency exchange was one of many external investors, such as Fidelity, Sequoia, and Qatar’s sovereign wealth fund.
After the deal was finalized, Changpeng Zhao stated that Binance intended to play a part in fusing social media and web3 in order to increase the use and incorporation of cryptocurrencies and blockchain. A representative for Binance reiterated the CEO’s remarks and declared that the business would form a team to support Twitter’s adoption of blockchain.
Changpeng Zhao highlighted enabling payments when questioned about integrating cryptocurrency into Twitter’s platform in Lisbon and claimed that inclusion would be simple.
Although Musk is preoccupied, CZ emphasized that Binance is a modest shareholder in Twitter and that he will wait for a more thorough roadmap on how the social media network can better utilize blockchain and cryptocurrency. Currently, the CEO of Binance anticipates Musk to have additional issues.
According to Elon Musk, there are many individuals to fire and many things to alter.
According to Changpeng Zhao, entering the Twitter board is not a priority. Perhaps as a favor, though, as it is not a task he is eager to complete.
Twitter has experimented with blockchain, though not very seriously. Twitter officially unveiled it was broadening a pilot program named NFT Tweet Tiles to a sample population who can test publishing NFTs listed on a few crypto exchange platforms such as Jump.trade, Dapper Labs, as well as Magic Eden. This is in addition to enabling some consumers to use NFTs as their profile photos on the social media platform. Clicking on the tweeted NFTs will allow users to buy them from the associated platform.
In 2022, Twitter said it had about 230 million active users every day. Any efforts to integrate blockchain and cryptocurrencies throughout the platform may increase mainstreaming among users who have not yet interacted with the sometimes divisive technology such as blockchain.
In the past two years, English-speaking Twitter users have made Bitcoin one of their most popular subjects. The site is frequently used by renowned crypto and NFT aficionados to talk about market trends and advertise new virtual holdings. As per texts that were made public, Musk initially showed interest in placing Twitter on blockchain but afterward seemed to reconsider his decision.