Binance may Plans To Acquire A Bank

According to a Bloomberg article, the cryptocurrency exchange Binance is ramping up its game and may go on a purchasing spree. The trading venue may consider acquiring a conventional financial institution in order to “bridge the gap” with the emerging sector.

Changpeng “CZ” Zhao, the company’s chief executive officer, stated his desire to invest over $1 billion in possible acquisitions in the coming months. The cryptocurrency exchange is keeping to the maxim that “bear markets are for purchasing and accumulating”

In an interview at the Web Summit Conference in Lisbon, Portugal, CZ stated: There are individuals who possess specific local licenses, including conventional banking, payment service providers, and even banks. We are examining these items. We want to serve as the link between the crypto and conventional banking worlds.

The CEO of Binance feels that acquiring a conventional financial institution may be a “sensible step” for the trading platform. The site already runs with banks, and several consumers have flocked to these traditional institutions in order to use the crypto exchange items.

In this regard, CZ feels bank valuations have increased. If institutions are already profiting, the cryptocurrency exchange may seize control of the whole process and retain all of the profits.

Bloomberg says in a second story that Binance has already invested over $300 million in 67 projects. The corporation spent $140 million on 73 projects in 2021. As previously stated, the corporation still plans to invest approximately $500 million in cash.

Also Read: Project Mariana Of BIS Will Investigate CBDC Integration With DeFi