Always further ? Cryptocurrency giant Binance is considering buying commercial banks, according to a recent report. Zoom on the disproportionate ambitions of the company, and what we know for the moment.
Binance would consider buying banks
Not content with being the largest cryptocurrency exchange, Binance would now attack the banking sector. This is in any case what emerges from a Bloomberg report, published this week. The information comes directly from Binance boss Changpeng Zhao, who was speaking during the Web Summit conference in Lisbon. He then explained:
“There are people who hold certain types of local licenses, such as traditional banking services, payment providers, and even banks. We look at all of this.»
Last month, Binance did not hesitate to recall that it had not particularly suffered from the bear market, and that she even had more than a billion dollars to be used for this type of purchase. It is therefore likely that this sum will be partially used for redemptions.
👉 Find all the information on the Binance exchange platform
Discover Binance
Binance
-10% off fees with code SVULQ98B 🔥
Win-win?
According to Changpeng Zhao, such initiatives would be of great interest to the banks themselves:
“What we have observed is that when banks work for us, we drive a lot of users to them, the value of the bank therefore increases exponentially.»
Binance would be open to both minority stakes, but also full acquisitions. The CEO of the company also pointed to renewed interest from major banking institutions – such as Goldman Sachs and BlackRock – who no longer hide their ambitions in terms of Web3.
Will Binance then offer itself a bank? It is possible, especially since the company has several times made connections with traditional financial and banking systems. The crypto giant seems to want to offer an all-in-one platform in the futurewhere customers could both spend their cryptocurrencies, traditional assets, save or even use a crypto-card.
As often, Binance is therefore distinguished by a particularly broad vision, which could allow it to maintain its hegemony within the ecosystem.
👉 On the same subject – Twitter: Elon Musk fires CEO and CFO, Binance rallies his cause
Join Experts and a Premium Community
PRO
Invest in your crypto knowledge for the next bullrun
Source: Bloomberg
Newsletter 🍞
Receive a summary of crypto news every Monday by email 👌
What you need to know about affiliate links. This page presents assets, products or services relating to investments. Some links in this article are affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus by using our links.
Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky in nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.
Journalist at Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that stem from the blockchain and I like to find the most crispy information to share with you.
Marine Debelloir
2181 items
