Binance is considering buying banks to bridge the gap between the worlds of traditional finance and cryptocurrency, founder and CEO Changpeng Zhao (CZ) said in an interview with Bloomberg.
The billionaire did not disclose specific targets, saying he was open to minority investments or full takeovers. Zhao also pointed out that investment banking is a reasonable strategy for Binance because when partnering with banks, Binance usually attracts many new users, which will also boost the bank’s valuation.
“What we have found is when banks work with us, we drive so many users to them, so the bank’s valuation goes up, like why don’t we just invest in them as well, so that we capture some of the equity upside, “he said.
CZ said in an interview at the Web Summit in Lisbon: “There are people who hold certain types of local licenses, traditional banking, payment-service providers, even banks. We’re looking at those things.”
Zhao has said in…
