Binance boss wants to help Elon Musk grow Twitter into cryptos

The boss of the cryptocurrency giant confirmed this information this Wednesday, during the Web Summit in Lisbon.

The boss of the main crypto-asset exchange, Binance, which says it owns around 1% of Twitter, said on Wednesday it was ready to help Elon Musk develop the blue bird social network in the virtual currency sector. “We want to be of great support in everything that Twitter could do in crypto and web 3”, new era of internet of which cryptocurrencies would be an essential part, said Changpeng Zhao during a press conference in margin of the Web Summit, high mass of the digital economy which is held this week in Lisbon.

“We have all the technologies, the know-how, the products… we are ready to help”, he underlined, while saying that he wanted to give Elon Musk “the time to take his marks” as new owner of Twitter.

“He has a lot of people to lay off, a lot of things to change,” even joked Changpeng Zhao, better known in the tech world by his initials “CZ”.

“I think he knows how to manage a platform. He is a very strong entrepreneur. (…) He spoke well about Dogecoin and about charging for tweets, comments and the blue sticker (given to verified accounts). I think all of these things are being considered, but I didn’t ask for a detailed plan,” he said.

A seat on the board?

CZ also admitted to the possibility of joining Twitter’s board, if asked by Elon Musk, but hasn’t yet met him in person.

Several investment funds and large fortunes, including the co-founder of software publisher Oracle, Larry Ellison, who wrote a check for one billion, or Qatar Holding, controlled by Qatar’s sovereign wealth fund, Qatar Investment Authority, provided some $5.2 billion to help Elon Musk fund the takeover of Twitter.

The Binance cryptocurrency exchange platform is part of this list of investors with a contribution of 500 million dollars and now holds “just over 1%” of the capital, said its leader.

Cryptocurrencies and blockchain technology are one of the hot topics of the 2022 edition of the Web Summit, which will bring together some 70,000 entrepreneurs and investors in the Portuguese capital until Friday.

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