“ If you can’t beat the enemy, become the enemy “. This whimsical quote that could decently come out of an Eastern New Age wisdom book fits perfectly with the crypto news of the day. In fact, we learn this evening that the unquenchable thirst for acquisition of the giant Binance has found a new privileged target: traditional banks.
Kiss, kiss, bank, bank
It is in the context of the a interview for Bloomberg that Changpeng Zhaothe stainless boss of Binance, has exposed his ambition to acquire (e in fact, become) a traditional bank. At the bottom, the stakes are high and the CEO of the largest crypto platform in the world has understood that the time has come for the interconnection between the crypto world and traditional finance.
“Some players have local licenses, traditional banks, payment service providers… We care about these things. We want to be the bridge between cryptocurrencies and the traditional and financial world “.
The term “pivot” is currently in vogue for other reasons, but Zhao expresses a strong idea that alone shows that the general paradigm has been shaken: if until now banks (and other traditional financial players) were hesitant, even hostile in the face of the rise of the cryptocurrency industry, now they may find themselves asking for a seat around the banquet. Since cryptocurrency players don’t intend to be altruistic, it appears that the balance of power, in other words, who dictates what to whom, is changing.
“What we found is that when banks work with us, we drive so many users to them, so the bank’s valuation goes up exponentially. So why not just invest in those banks to capture some of the stock surge.”.
Seeing the colonized banks, even absorbed by the pure cryptocurrency players they have so long despised, even fought against, is not without irony. Note, however, that the movement does not date back to today. At the beginning of 2022, in fact, it also reported the BitMEX exchange of his interest in acquiring a venerable German bank.
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