Changpeng Zhao (CZ), CEO of Binance wants to give full help and support to billionaire Elon Musk who recently successfully took over the social media platform Twitter so that his company can also grow rapidly.
Following that, Binance has invested $500 million in Musk's $44 billion purchase of Twitter as he aims to further expand the crypto market globally.
Therefore, CZ established a stronger integration of social media platforms with exchange services by creating Binance Pay.
It is understood that the payment service is able to allow users to pay merchants through various tokens or selected fiat currencies without incurring any additional charges.
In fact, CZ is said to be willing to join the board of Twitter if Musk offers him the position even though he is currently in the process of developing his own company Binance.
On different sources, CZ is said to be buying banks to bridge the gap between the world of traditional finance and the cryptocurrency market which is open to minority investment or full acquisition.
As a result, he will research more deeply about the types of local licenses, traditional banking, payment service providers and banks so that no mistakes happen.
According to CZ, a crypto exchanger that works with a bank can have a positive impact on his company as it can attract many new users to it and increase the bank's valuation.
He added that Binance plans to spend more than $1 billion on acquisitions and contribute $500 million into Twitter, while his company is also focusing on publishing projects, decentralized finance (DeFi) and non-fungible tokens (NFT).
