Binance has fangs. The CEO of the cryptocurrency exchange demonstrated this a few weeks ago when he announced a billion dollar investment. An amount that will be entered into new acquisitions and diversification of the group’s portfolio. However, Binance obviously doesn’t want to stop there.
In addition to the cryptocurrency value chain and the rest of the blockchain, CZ is watching the banks
According to information supplied by Bloomberg, the Binance exchange may consider acquiring a traditional financial institution. This, in order to bridge the gap with the nascent cryptocurrency industry, explains the American press group. The latter is based on the statements from Binance chief Changpeng Zhao at the Web Summit conference in Lisbon, Portugal.
“There are people who hold certain types of local licenses, traditional banks, payment service providers and even banks. We are looking into these questions. We want to be the bridge between cryptocurrencies and the traditional and financial world (…) This could 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 preparing to undertake a acquisition frenzy. Binance is expected to complete the equivalent of $ 1 billion in these deals by the end of the year. He has already done it participated the acquisition of Twitter by Elon Musk. He has also invested more than $ 300 million since the beginning of the year. Although the head of the cryptocurrency firm said he is interested in NFTs and the gaming industry, he has so far not mentioned the acquisition of a traditional financial institution.
The firm, which has solid finances, has given itself the belief to multiply acquisitions in this bear market period.
Binance already works with banks. The cryptocurrency market is believed to have improved the functioning of banks thanks to the large number of its users, who trade their cryptocurrencies for fiat currency, through the banking system. “In this sense, banks see their valuations skyrocket”. And to continue: “If financial institutions are already benefiting from it, the cryptocurrency exchange could take control of the whole process and capture 100% of the profits.”
Get a summary of what’s new in the world of cryptocurrencies by signing up for our new servicedaily and weekly so as not to miss any of the indispensable Cointribunes!
Far from dulling my enthusiasm, a fruitless investment in a cryptocurrency in 2017 only increased my enthusiasm. I therefore decided to study and understand the blockchain and its multiple uses and to transmit information relating to this ecosystem with my pen.