At a China AMA on Binance Square on January 14, CZ expressed skepticism about how X, formerly Twitter, now owned by Elon Musk, will handle KYC as it expands the platform’s capabilities to cover financial functions.
This is in line with Musk’s desire for X to transform into an “everything app” where messaging and financial services such as trading and investing take place.
Changpeng had share He gave his opinion on the topic, asked important questions, and highlighted the reasons he thinks could complicate the effort.
What does CZ think about X becoming a financial rail?
During the China AMA, CZ share If X expands into crypto trading, what does he think about the possibility of starting on-chain trading and handling KYC?
During the AMA, CZ pointed out the potential challenges X has with user identity verification, noting that platforms like Binance Square and Binance rely heavily on strict KYC measures to comply with regulations and prevent issues such as money laundering.
In the past few days since this story started circulating, observers have pointed out that X is still just a social media platform, and as such would face major hurdles when trying to implement robust KYC.
These hurdles primarily relate to the potential regulatory pressures faced in the future, which could make seamless crypto trading difficult or risky, especially in the absence of proper verification processes.
Is it possible to trade virtual currencies with X?
Musk has had ambitions of making X an app for everything ever since he bought it in 2022. Around that time, he shared his ambitions about X. claim He thought the acquisition of Twitter would accelerate his goal of creating X, an app for everything.
Years later, he is now fulfilling his promise to enter the financial industry by having X support crypto trading. The platform has already become a hub for financial conversations, with Nikita Beer, head of product at X, claiming that X is the best source for financial news.
“Hundreds of billions of dollars will be invested based on what people read here,” Beer said. claimed In post. The biggest and latest development on this topic is the soon-to-be-released Smart Cashtag feature, which Beer announced on January 11th was in the works.
This feature is designed to allow users to tag exact assets or smart contracts directly in their X-posts.
“We are building a smart cash tag that allows you to specify the exact asset when posting a ticker,” Beer wrote. “From the timeline, users will be able to tap on a timeline to see real-time prices along with all mentions of that asset. We aim to gather feedback as we iterate towards general release next month.”
This update is expected to lay the foundation for X to build towards a hub that merges financial data and conversations on the platform with live market intelligence.
Once the update is live, users who tap on the Cashtag will be able to get live real-time views of prices and charts, access to related discussions, news and sentiment about the tag, and on-chain data for the token.
This turns X Timeline into a powerful real-time market dashboard that could ultimately benefit crypto traders and enthusiasts. There’s even speculation that the update could offer buy or sell buttons, in-app trading, and redirects to X-affiliated platforms.
