Binance would consider buying a bank

Cryptocurrency giant Binance, which has a billion-dollar budget to make acquisitions, could choose a bank.

What if cryptocurrency giant Binance became a bank? That’s what Bloomberg understands. To become a bank, Changpeng Zao (CZ), the boss of Binance, would think about buying one. With a budget of a billion dollars for its acquisitions, buying a bank could make it possible to catch up with the “gap” between cryptocurrencies and traditional players.

“The bridge between cryptocurrency and the traditional world”

“There are people who have certain types of local licenses, traditional banks, payment service providers, even banks. We are interested in these things,” CZ said during an interview at the Web Summit in Lisbon. , without mentioning a name. “We want to be the bridge between cryptocurrency and the traditional and financial world”.

And that would be a smart strategy for Binance, as the player already works with banks, which always ends up attracting new customers. So you might as well have an in-house bank. So which financial institution could it be? We don’t have a name, but Binance would be open to minority investments or an outright acquisition.

“The valuation of the bank increases”

“What we’ve found is that when banks work with us, we drive so many users to them, so the valuation of the bank goes up exponentially, so why not just invest in them as well to that we capture some of the upside in equities,” he said.

All this also recalls the position of FTX, a competitor of Binance. In July 2021, FTX had already submitted the idea of ​​acquiring a banking player. At the time, his boss Sam-Bankman Fried had been a little ambitious, he had put forward the name of the famous American bank Goldman Sachs as a potential target, and he had not been taken seriously.

Aude Kersulec edited by PA

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