Binance is reportedly planning to buy banks

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Based on an interview with Bloomberg at the Web Summit conference in Lisbon, the Binance founder and CEO Changpeng Zhao is considering the possibility of buying banks as a method to close the gap between the worlds of traditional banking and digital currency.

The Chinese-Canadian business executive did not mention any favoritism, and stated that it is acceptable for his exchange to make a small investment or even a full acquisition. According to Bloomberg, Zhao stated in the interview: 

“There are people who hold certain types of local licenses, traditional banking, payment-service providers, even banks. We’re looking at those things.”

Zhao also mentioned that partnering with banks is a great approach for Binance because when the trading platform collaborates with a bank, the company easily and relatively ends up attracting a large number of new users to it, which in turn also increases the bank’s valuation.

Binance CEO’s massive acquisition plans

In the past, Zhao has stated that Binance has more than one billion dollars available for spending or for acquisitions. Recently, CZ contributed half a billion dollars to assist in funding Elon Musk’s famous $44 billion acquisition of Twitter, as TheCoinRise reported. 

Through the first few months of this year, Zhao’s acquisition strategy was primarily concentrated on expanding into publishing, decentralized finance (DeFi), and non-fungible token (NFT) ventures.

The actions taken by the company over the course of time has also shown its ambitions to spend its over $1B funds as recently it announced to fund seven projects from The Most Valuable Builder (MVB) Accelerator Program, under BNB Chain. Binance has also introduced a $500 million miners lending project in order to support Bitcoin (BTC) miners.

On the contrary with other crypto trading platforms, Binance showed to follow a different path this crypto bear market by hiring new staff and expanding its workforce instead of laying them off. For instance, recently, BinanceUS hired a former FBI agent, BJ Kang to lead its new investigation team.

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