Crypto Exchange Binance Weighs Buying A Bank: Bloomberg Report

Twitter icon  •  Published 1년 전  •  Hassan Maishera

Binance CEO Changpeng Zhao has revealed that the cryptocurrency exchange is considering acquiring a bank.

Binance, the world’s leading cryptocurrency exchange, is currently considering acquiring a bank. This is according to the latest report from Bloomberg. According to the report, Binance Holdings Ltd. founder and CEO Zhao “CZ” Changpeng, revealed last month that the exchange might spend more than $1 billion on deals and acquisitions this year.

The report added that Binance is considering targets, including banks, as it seeks to expand its presence in the global financial industry. While speaking at the the Web Summit conference in Lisbon, CZ said;

“There are people who hold certain types of local licenses, traditional banking, payment-service providers, even banks. We’re looking at those things. We want to be the bridge between crypto and the traditional, financial world.”

His comments indicate that digital assets and the traditional finance ecosystem are increasingly becoming interlinked. Some of the leading financial institutions in the world, including Goldman Sachs, BlackRock, Visa, and Mastercard, are pushing deeper into the cryptocurrency ecosystem. The adoption continues to increase despite the ongoing bear market that saw $2 trillion wiped out from the space in the last 12 months. 

CZ revealed that Binance is open to minority investments or a full acquisition. According to the CEO, it is an opportunity for Binance to take advantage of the expected increase in a bank’s share price after signing a business agreement with the company. CZ added that;

“What we have found is when banks work with us, we drive so many users to them, so the bank’s valuation goes up exponentially, like why don’t we just invest in them as well, so that we capture some of the equity upside.”

Binance’s continued expansion and more positive Binance reviews ensure that the cryptocurrency exchange further cements its place as the world’s leading digital asset trading platform.

Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.