Binance would consider buying traditional banks

Always further ? Cryptocurrency giant Binance is considering buying commercial banks, according to a recent report. Zoom on the disproportionate ambitions of the company, and what we know for the moment.

https://cryptoast.fr/binance-envisage-buying-traditional-banks/

Binance would consider buying banks

Not content with being the largest cryptocurrency exchange, Binance would now attack the banking sector. This is in any case what emerges from a Bloomberg report, published this week. The information comes directly from Binance CEO Changpeng Zhao, who was speaking during the Web Summit conference in Lisbon. He then explained:

There are people who hold certain types of local licenses, such as traditional banking services, payment providers, and even banks. We are looking at all of this.ยป

Last month, Binance did not hesitate to recall that it had not particularly suffered from the bear market, and that she even had more than a billion dollars to be used for this type of purchase. It is therefore likely that this sum will be partially used for redemptions.

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Win-win?

According to Changpeng Zhao, such initiatives would be of great interest to the banks themselves:

What we have observed is that when banks work for us, we drive a lot of users to them, the value of the bank therefore increases exponentially.ยป

Binance would be open to both minority stakes, but also full acquisitions. The CEO of the company also pointed to renewed interest from major banking institutions โ€“ such as Goldman Sachs and BlackRock โ€“ who no longer hide their ambitions in terms of Web3.

Will Binance then offer itself a bank? It is possible, especially since the company has several times made connections with traditional financial and banking systems. The crypto giant seems to want to offer an all-in-one platform in the futurewhere customers could both spend their cryptocurrencies, traditional assets, save or even use a crypto-card.

As often, Binance is therefore distinguished by a particularly broad vision, which could allow it to maintain its hegemony within the ecosystem.

๐Ÿ‘‰ On the same subject โ€“ Twitter: Elon Musk fires CEO and CFO, Binance rallies his cause

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Source: Bloomberg

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