According to a report by Bloomberg, to the CEO of the Binance exchange, Changpeng Zhaowould like to spend a billion dollars on a major deal to buy a bank.
The goal would be to make Binance a bridge between traditional finance and cryptocurrencies, also to make trading easier for users. So said CZ during the event WebSummit that is being celebrated these days in Lisbon.
Bloomberg, citing what was said during the Binance CEO speech, reported:
“There are people who have certain types of local licenses, traditional banking, payment service providers, even banks. We’re looking at those things.”
Zhao also pointed out that investing in banks is a smart strategy to Binance because when the cryptocurrency exchange is associated with a bank, Binance often ends up attracting many new users, which increases the valuation of the bank.
Binance acquisitions: will a bank be next?
Last month, Zhao stated that Binance has over $1 billion to invest in new acquisitions, and recently pledged $500 million to help Elon Musk buy Twitter for a total of $44 billion.
So far in 2022, Binance has made several acquisitions in publications, decentralized finance (DeFi) and even NFTso who knows if the rest of the available money will be invested only in acquiring a bank.
The latest news on Binance
Recently, Binance Pay, the payment platform created by Binance, partnered with Crypto Air Tickets for users to pay directly on BinanceCoin (BNB) for airline ticket purchases.
In fact, this was already possible through Travala, a travel platform similar to Booking.com but using crypto payments, with Binance as one of its investors.
Binance on the WebSummit
On stage also in Lisbon, the CEO of Binance also spoke yesterday about the future of Bitcoin and cryptocurrencies in terms of regulation.
Cryptocurrency regulation is a topic that has always been close to the heart of Binance, and it is working to open offices around the world and seek authorizations in the countries where it operates.
With this in mind, it was thanks to Binance’s mediation with countries such as France, Spain, Bahrain and Abu Dhabi that it was possible to start the path that took these countries through their respective regulators to be important cryptocurrency trading venues.
The Binance CEO described the regulators of the countries described above as “smart” in the sense that they were able to cooperate and allow new resources, such as cryptocurrencies, to flow into their economies.