- Crypto startup Xnect expressed “profound self-doubt” after former Binance CEO Changpeng Zhao chose rival Reachme.io for his pay-to-reach project.
- Xnect claimed BNB Chain had previously recognized it as “the pioneering pay-to-reach protocol” before the apparent reversal.
- Zhao clarified he never promised to work with every team pursuing the concept and noted he doesn’t use browser extensions, which Xnect’s solution was based on.
A crypto startup has publicly aired its grievances after being passed over by former Binance CEO Changpeng Zhao for his “pay-to-reach” messaging initiative. Xnect published an emotional open letter describing feelings of existential doubt following Zhao’s announcement that he would partner with competitor Reachme.io instead.
The controversy stems from Zhao’s recent project aimed at reducing spam by implementing a payment barrier for messaging access. After Zhao teased this concept earlier this month, multiple startups including Xnect rushed to develop compatible solutions.
Xnect claims it had already engaged with the BNB Chain team on implementation plans and received acknowledgment as “the pioneering pay-to-reach protocol,” with BNB Chain even reposting their tutorial video twice. Despite these apparent endorsements, Zhao announced today his decision to work with Reachme.io instead.
In their public statement, Xnect described being “taken aback” by the decision, with team members “grappling with profound self-doubt” and questioning “whether our existence is even necessary.” The startup characterized Reachme.io as “another yet-to-mature product” while insisting their message was “not a complaint” but rather a request for feedback on why they weren’t selected.
Zhao’s experimentation with the pay-to-reach concept has been ongoing. He previously charged $120 for access to message him but reported dissatisfaction with the quality of communications received despite the financial barrier.
In response to Xnect’s public appeal, Zhao clarified: “It’s out of my control when multiple teams embark on the same idea,” adding, “I did not make it a competition, nor did I promise to work with every (or any) team that tries.”
He further explained a key technical factor in his decision—he doesn’t install browser extensions, which was Xnect’s implementation approach. “There is no fair or unfair here,” Zhao stated, while expressing regret for not communicating sooner.
Xnect has acknowledged this feedback, indicating they are already developing a web-based version of their service that wouldn’t require browser extensions.
The incident highlights the competitive nature of crypto startups seeking endorsements from industry leaders, particularly as new monetization models like “pay-to-reach” emerge in the evolving digital communications landscape.
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