Binance Founder CZ Raises Paid Chat Fee on ReachMe Amid Massive Demand

Changpeng Zhao (CZ), the founder of Binance, has increased the fee for messaging him on ReachMe, a paid chat platform, after experiencing an overwhelming influx of messages.

On March 27, CZ shared an update on the platform, explaining that after initially setting a fee of 0.04 Binance Coin (BNB), roughly $24 per message, he was bombarded with an unmanageable volume of messages, many of which were spam or unrelated to his business. To counter this issue, CZ raised the fee to 0.1 BNB ($60), but this still did not deter the flood of messages. Eventually, he increased the fee to 0.2 BNB ($120) per message, hoping to regulate the number of inquiries and reach an equilibrium of about 10 messages per day. However, CZ expressed doubt that this goal would be achievable.

Despite the higher fees, CZ explained that his primary goal wasn’t personal profit. Instead, he intends to donate all the money earned from these messages to charity. His purpose in using ReachMe is not to make money but to manage the massive demand for direct contact in a more efficient manner. Most of the messages he receives, he noted, tend to be too vague or brief, such as “How do I run a successful startup?”, which are difficult to respond to meaningfully.

ReachMe: A New Approach to Managing Direct Messaging

The concept behind ReachMe was first introduced by CZ in a March 8 article on Binance Square, where he discussed the challenges of traditional messaging systems like LinkedIn and Twitter (X), which have low barriers to entry, leading to spam and irrelevant messages. CZ proposed the idea of creating a platform where well-known figures, also known as Key Opinion Leaders (KOLs), could charge a fee to receive messages. This would act as a filter, ensuring that only serious inquiries make it through, while reducing low-effort, spammy messages.

In his vision, if a KOL didn’t respond to a message within five days, half of the fee would be refunded to the sender. This system would discourage spammers by adding a cost to sending messages while also incentivizing the KOL to engage with legitimate requests.

The platform, which takes a 10% commission from each transaction, ensures that 90% of the payment goes directly to the recipient. Although ReachMe is still in its early stages, CZ’s involvement and the potential backing from YZi Labs (formerly Binance Labs) could give the platform the momentum it needs to become a leading tool for professionals who wish to monetize their accessibility.

A Promising Start for ReachMe

Just 18 days after CZ’s article, a developer reached out to him with a working prototype of the ReachMe platform. After security reviews and discussions, the platform went live, and CZ began using it to manage his interactions. Despite the ongoing challenges with high demand and spam, the concept of charging for direct messages could mark a significant shift in how influencers, entrepreneurs, and other public figures engage with their audiences.

With CZ’s backing and support, along with potential growth in the user base, ReachMe could evolve into a powerful tool for monetizing professional accessibility while curbing unwanted messages. If the system continues to grow and improve, it could offer a solution to the often overwhelming and inefficient nature of digital communication, creating a more sustainable and focused way for KOLs to interact with their followers.