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.

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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