Changpeng Zhao, founder and former CEO of Binance, has launched a new communication feature called Pay to Reach.
Now anyone can send him a private message - but for a fee.
How the paid messaging system works
Announced about three weeks ago on the Binance Square platform, the initiative is designed to optimize engagement and manage the daily flow of messages Zhao receives. Pay to Reach operates through the ReachMe.io platform.
Users can pay 0.2 BNB (formerly Binance Coin) to send a direct message to Changpeng Zhao with a guaranteed reply. At the current BNB exchange rate, this amounts to approximately $125.
Interestingly, this approach resembles a "budget version of lunch with Buffett," offering direct access to influential figures in the crypto space.
Why the need for paid messaging arose
Zhao's decision to implement this feature stems from the overwhelming number of messages he receives on a daily basis. Many of these communication attempts turn out to be brief or devoid of substantive content.
In a recent post, he emphasized the difficulty in responding to messages or inquiries about various memcoins. To address this, he adjusted the message fee to 0.2 BNB to manage volume and encourage more meaningful interactions.
"...I set the price at 0.1 BNB, but I still woke up with 100+ messages. I have since raised the price to 0.2 BNB, which is about $120. I will adjust the price to try to find a golden mean of about 10 posts per day," reported Zhao.
Impact on the Binance ecosystem
The introduction of Pay to Reach has broader implications for the Binance ecosystem. By using BNB as the vehicle for these transactions, the feature adds another use case for crypto-token. Specifically, it could increase its utility and demand.
More than 100 key opinion leaders (KOLs) have already joined the platform, pricing their posts between 0.01 and 0.2 BNB. This approach, in addition to funding innovation, creates a new channel for monetized communication within the crypto community.
It's worth noting that Pay to Reach is entering a space that has already been mastered by players such as time.fun.
"Isn't this time.fun?" - asked one user.
Fraud Warning
It is important to note that ReachMe.io has explicitly stated that there is no official token associated with their platform. Users are advised to exercise caution and avoid tokens claiming to be associated with ReachMe.io, as they are likely fraudulent.
"Reachme.io does not have an official token! Please stay safe and be careful what you buy... There is NOT a token associated with this project. Any token claiming to be associated with the platform is fraudulent," declares the platform.
The bottom line
The Pay to Reach initiative reflects a growing niche in interactions between Influencers and their fans in the cryptosphere. Monetizing direct communication creates a structured channel for interaction, potentially reducing spam and fostering more meaningful communication.
"No sign up needed. All you need is a wallet. The fee is the gatekeeper.," joked Zhao.
CZ considers bitcoin owners more successful than 99% of crypto market participants.
