The world’s biggest cryptocurrency trading platform by volume is apparently investigating the merits of purchasing banks.
As conventional finance becomes more intertwined with the digital assets business, Binance is reportedly examining the advantages and drawbacks of acquiring financial institutions, as reported by Bloomberg.
The CEO of Binance, Changpeng Zhao has said that the company intends to bridge the gap between digital assets and conventional finance.
According to the article, Zhao made his views during a crypto conference in Portugal. Zhao continued by stating that the value of financial institutions tends to expand dramatically when they establish relationships with Binance due to the fact that the cryptocurrency exchange tends to onboard new customers to them, a fact he intends to profit on.
Previously, Binance said that it has put aside around $1 billion for acquisitions. At the time, Zhao said that Binance was focused on acquiring crypto lending organisations that were experiencing financial difficulties owing to the bear market that began in May.
This week, Binance contributed $500 million to billionaire Elon Musk’s acquisition of social media behemoth Twitter, stating that the investment was valuable since social media and Web3 would merge under Musk’s leadership.
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