Binance founder and CEO Changpeng CZ Zhao said in an interview with Bloomberg at the Web Summit conference in Lisbon that traditional finance and cryptocurrency Potentially considering buying a bank as a way to bridge the gap between their worlds.
Zhao did not name a specific target.
Binance CEO: “We Are Exploring To Buy A Bank To Connect The Cryptocurrency Market With Traditional Finance”
Bloomberg quoted Changpeng Zhao, CEO of the world’s largest crypto exchange Binance, as follows:
“There are people with certain types of local licenses, traditional banking, payment service providers, even banks. We’re looking at those.”
Zhao also stated that investing in banks is a wise strategy for Binance because when a crypto exchange works with a bank, Binance often refers many new users to them, increasing the bank’s valuation.
Zhao has said in the past that Binance has more than $1 billion to spend on acquisitions, and recently committed $500 million to finance Elon Musk’s $44 billion takeover of Twitter.
So far this year, Zhao’s acquisition strategy has focused on expanding into publishing, decentralized finance (DeFi) and non-fungible token (NFT) projects.
Company CEO Changpeng Zhao made a statement about the place of Russian users in the stock market in other statements he made today.
Zhao said that unlike other cryptocurrency exchanges, Russian users will do research to somehow continue using the platform, but they have to comply with the rules in the regions where they are licensed.
*Not investment advice
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