CZ Binance considers “buying” a few more banks

CZ Binance considers “buying” a few more banks

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2022-11-06 19:03:43

In a recent share, Binance CEO Changpeng Zhao said he wants his exchange to become a bridge between traditional finance and the cryptocurrency industry.

Binance CEO intends to buy a bank, to bring crypto closer to traditional finance?

According to sources from Bloomberg, Binance Founder and CEO Changpeng Zhao is considering acquiring several banks, aiming to bridge the gap between the traditional finance industry and digital assets. This idea was shared by Zhao in an exchange with a Bloomberg reporter at the Web Summit conference in Lisbon (Portugal).

Although he did not specify any goals, Zhao said he is ready to open the door for partial investment or full buyback, even though he previously predicted that the crypto winter would be long, bringing the market to the next level. long-term development.

The CEO commented:

“There are institutions that have some sort of local license, traditional banks, payment providers, even banks. We are looking at them all.”

Mr. Zhao also explained that investing in banking is a smart strategy for Binance because when the exchange operates with a bank, Binance will attract more new users, increase the bank’s valuation and thereby also is “fragrant” so this opportunity cannot be missed.

With the current business situation, Binance can spend more than 1 billion USD on acquisitions in 2022. Notably, CZ once contributed 500 million USD in Elon Musk’s 44 billion USD deal to acquire. acquires Twitter, commits to help blockchainize Twitter, creates “Bluebird Index” futures contracts and is ready to join the leadership of this social network if invited.

Related: Dogecoin (DOGE) “heads up” as Elon Musk is about to complete the purchase of Twitter

Year-to-date, the merger strategy of the Leader of the World’s Largest Cryptocurrency Exchange has focused mainly on decentralized finance (DeFi) and NFT projects. However, CZ himself also stated that it is not advisable to rescue struggling crypto companies. In another related development, the CEO of FTX exchange Sam Bankman-Fried has also made a move to raise more cash to serve his “repurchase” ambitions.

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