Binance founder and CEO Changpeng Zhao is exploring the possibility of purchasing banks to bridge the gap between traditional finance and cryptocurrency.
What Happened: Zhao said he is open to either investing in banks as a minority investment or a full acquisition, according to a report by Bloomberg.
It is a good move for Binance to invest in banks, Zhao said, because when the cryptocurrency exchange collaborates with a bank, Binance often attracts a large number of new users, boosting the bank's worth.
See More: Binance Coin (BNB) Price Prediction
“There are people who hold certain types of local licenses, traditional banking, payment-service providers, even banks. We’re looking at those things,” Bloomberg quoted Zhao as saying.
Binance earlier pumped in $500 million toward the acquisition of Twitter by Elon Musk. Zhao said on Wednesday he was also prepared to join Twitter's board of directors as a favor to Musk.
“I’m indifferent to it. If I’m asked, I probably would do it just as a favor, but it’s not something I’m dying to do. I’m pretty busy with Binance already,” Zhao said at a Web Summit in Lisbon.
Binance enables trading and holding cryptocurrencies like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).
Price Action: Binance’s native token Binance Coin (CRYPTO: BNB) is trading at $335.12, at the time of writing, up by 5.64% in the last 24 hours, according to Benzinga Pro.
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