Binance Considers Buying Banks to Bridge the Gap Between Crypto and Traditional Finance

Changpeng Zhao, the founder and CEO of the world’s largest cryptocurrency exchange, Binance, has announced that the company could be looking to buy banks, just days after revealing a $500 million investment in Twitter.

Binance Considers Buying Banks

CZ, in an interview during a web summit in Lisbon, noted that Binance could potentially buy banks in a bid to bridge the gap between the worlds of traditional finance and the crypto industry. 

Although CZ did not mention a possible list of banks, he explained that the exchange will consider financial institutions with local licenses, including traditional banks and payment service providers.

According to the Binance boss, his exchange’s partnership with a bank usually results in a significant increase in the bank’s valuation. He hopes to reap the benefits of the increased valuation through such an investment.

Other Alternatives for Binance

He also adds that the company’s involvement banks could be anything from a minority investment to an outright acquisition. According to CZ, Binance could spend up to $1 billion shopping for banks.

Acquisitions, according to the Binance chief, will help banks increase their user bases and valuations. Despite the crypto winter of 2022, Binance has invested in over 67 projects, with potential for more. 

On the Flipside

CZ expressed his desire to join the Twitter board if Elon Musk says so and provide blockchain-based solutions to tackle the bots issue on the platform.

Why You Should Care

The comments by the Binance boss clearly highlight the increasingly close relationship between the traditional finance and crypto markets. 

Related Posts

Crypto Lender Genesis Owes Crypto Exchange Gemini Clients $900M, FT Report

Crypto lender Genesis owes US-based crypto exchange Gemini customers $900 million, according to a December 3 Financial Times report. The report revealed that Gemini had formed a…

WAHED Projects Donates 5 Million Coins to Fund Autism Research

Investment and philanthropy platform WAHED has donated 5 million of its utility token WAHED Coin to Fondazione Europea Alessandro Cenci (FEAC) at a private event in Rome. …

BNX Price Tanks 80% on Rumors of BinaryX Team Selling Treasury Tokens

The BinaryX BNX token has fallen by over 50% in the last 24 hours following rumors of its developers selling treasury tokens. Rumors surfaced earlier today that…

CryptoArt Sundays: Interview with Mist Grafik

Hey all! Welcome to another epic round of CryptoArt Sundays! I’m so excited once again as  get to introduce you to a new, amazing artist this weekend…

Failed FTX Rescue Attempt Revealed, Putin Calls for Digital Currency Settlements — Week in Review

Shark Tank star Kevin O’Leary has revealed his and Sam Bankman-Fried’s failed attempt to raise $8 billion to rescue the now collapsed crypto exchange FTX. In other…

These Are The Two Critical Levels for BTC to Determine the Mid-Term Trend (Bitcoin Price Analysis)

Bitcoin’s price is approaching a significant level, which could prove decisive for the mid-term trend of the market. Although there are some positive signs on the technical…

Generated by Feedzy