Per a report from Bloomberg, crypto exchange Binance is stepping up its game and could potentially go into a shopping spree. The trading venue might be exploring buying a traditional financial institution to “bridge the gap” with the nascent industry.
The company’s CEO, Changpeng “CZ” Zhao, expressed his intention to allocate over $1 billion in potential acquisition in the coming months. The crypto exchange is following the old industry adagio, “bear markets are for buying and accumulating.”
In an interview at the Web Summit Conference in Lisbon, Portugal, one of the friendlier places for crypto investors due to its 0% tax on digital assets, CZ said:
There are people who hold certain types of local licenses, traditional banking, payment-service providers, even banks. We’re looking at those things. We want to be the bridge between crypto and the traditional, financial world.
