CZ Binance wants to acquire more banks

CEO Binance Changpeng Zhao wants his exchange to be the bridge between traditional finance and the industry cryptocurrency, follow Bloomberg.

Binance founder and CEO Changpeng Zhao is considering acquiring banks to bridge the boundaries between traditional finance and digital assets, Zhao shared in an exchange with reporters. Bloomberg at the Web Summit in Lisbon (Portugal).

Binance CEO Zhao “CZ” Changpeng may spend more than $1 billion on deals this year and is looking at targets including banks https://t.co/AgIAGRryI4

— Bloomberg Crypto (@crypto) November 2, 2022

Mr. Zhao did not specify any specific goals, but said he is ready to partially or fully buy back the investment, despite predicting that the crypto winter will be long.

Bloomberg quotes the CEO:

“There are institutions that have some sort of local license, traditional banks, payment providers, even banks. We are looking at them all.”

Zhao noted that investing in banking is a smart strategy for Binance because when the exchange works with a bank, Binance will attract more new users, increase the bank's valuation and thereby also " fragrant" should not be able to pass up this opportunity.

Binance may spend more than $1 billion on buybacks this year. Recently, they also contributed 500 million USD to finance the deal take over Twitter worth $44 billion of Elon Musk, committed to help blockchain make Twitter, create contract futures “Bluebird Index” and willing to join the leadership of this social network if invited.

Since the beginning of the year, Zhao's merger strategy has largely focused on decentralized finance projects (DeFi) and NFT. But he also stated that it is not advisable to rescue struggling crypto companies.

Meanwhile, the cult face that cannot be forgotten in the mergers and acquisitions village is the CEO FTX Sam Bankman-Fried also has just moved to raise more money to serve the ambition of "buying the whole world".