Binance has fangs. The CEO of the cryptocurrency exchange showed this a few weeks ago, when he announced a $1 billion investment. An amount to be injected into new acquisitions and diversification of the group’s portfolio. However, it is clear that Binance 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 the information you provided BloombergBinance exchange could consider acquiring a traditional financial institution. This, with the aim of bridging the gap with the emerging crypto industry, explains the American Press Group. The latter depends on formulations From Binance President Changpeng Zhao at the Web Summit in Lisbon, Portugal.
There are people who hold certain types of local licenses, traditional banking services, payment service providers, and even banks. We are looking at these questions. We want to be the bridge between cryptocurrencies and the traditional and financial world (…) This might 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 was already involved in Elon Musk’s acquisition of Twitter. It has also invested more than $300 million since the beginning of the year. While the head of the crypto company has said he is interested in NFTs and the gaming industry, he has not yet mentioned the acquisition of a traditional financial institution.
The company, which has solid financial resources, gave the doctrine of doubling up on acquisitions during this period of the bear market.
Binance is already working with banks. The cryptocurrency market is believed to have boosted the performance of banks due to the large number of its users, who exchange their cryptocurrency for fiat currency, through the banking system. “In this sense, the banks are seeing a huge rise in their valuation”. To follow up: “If the financial institutions really benefit, then the cryptocurrency exchange can control the whole process and get 100% of the profits.”
Get a summary of the news in the world of cryptocurrency by subscribing to our new serviceDaily and weekly so you don’t miss out on any Cointribune essentials!
Far from dampening my enthusiasm, an unsuccessful investment in a cryptocurrency in 2017 only added to my enthusiasm. So I resolved to study and understand the blockchain and its many uses and pass on my pen information regarding this ecosystem.