Binance has the fangs. The CEO of the crypto exchange showed this a few weeks ago, when he announced a billion dollar investment. A sum that will be injected into new acquisitions and the diversification of the group’s portfolio. However, Binance obviously does not want to stop there.
In addition to the crypto value chain and the rest of the blockchain, CZ is eyeing banks
According to information provided by Bloomberg, the Binance exchange could consider acquiring a traditional financial institution. This, with a view to bridging the gap with the nascent crypto industry, explains the American press group. The latter is based on the statements from Binance boss Changpeng Zhao at the Web Summit conference in Lisbon, Portugal.
“There are people who hold certain types of local licenses, traditional banking, payment service providers, even banks. We are looking at these questions. We want to be the bridge between crypto and the traditional and financial world (…) This could be a smart move for our exchange”he said.
Take advantage of the bear market
This statement from the CEO of the exchange comes at a time when the company is about to embark on an acquisition spree. Binance is expected to complete the equivalent of $1 billion in these deals before the end of the year. He has already participated in the takeover of Twitter by Elon Musk. It has also invested more than $300 million since the start of the year. While the crypto company boss has said he is interested in NFTs and the gaming industry, he has so far not mentioned the acquisition of a traditional financial institution.
The company, which has solid finances, has given itself the credo of multiplying acquisitions during this period of a bear market.
Binance already works with banks. The crypto market is believed to have enhanced the functioning of banks due to the large number of its users, who exchange their cryptos into fiat currency, through the banking system. “In this sense, the banks are seeing their valuation skyrocket”. And to continue: “If financial institutions are already benefiting, the crypto exchange could take control of the whole process and capture 100% of the profits.”
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