Binance CEO is looking to buy banks

In a recent interview, at the Web Summit conference in Lisbon, Binance founder/CEO Changpeng Zhao (CZ) is exploring the prospect of buying banks as a way of bridging the gap between the worlds of crypto and traditional finance.

binance-ceo-buy-banks
Changpeng Zhao

CZ did not stipulate any distinctive targets, and also said he’s receptive to either minority investments or a complete acquisition.

Sources quote that CZ believes there are people who hold specific types of local licenses, traditional banking, payment-service providers, and even banks. They are looking at those things.

CZ also noted that financing in banks is a smart strategy for Binance because when the crypto exchange operates with a bank, they often wind up driving many new users to it, improving the bank’s valuation.

The CEO has stated in the past that Binance has around $1 billion to spend on purchases, and he just committed $500 million to support Elon Musk’s $44 billion takeover of Twitter. So far this year, Zhao’s acquisition strategy has mainly focused on expanding into publishing, decentralized finance (DeFi), and NFT projects.

Must read: Binance is set to assist Twitter in countering Bot accounts


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