Binance may acquire several traditional banks

Binance CEO Changpeng Zhao is considering buying one or more traditional banks. According to Zhao, such investments will reduce the gap between traditional finance and cryptocurrencies.

So far, Binance has not found a specific bank to buy. Zhao noted that the largest exchange’s investments in traditional banks could be beneficial for both parties to the deal. Cooperation with Binance will allow banks to attract a large number of new customers, the exchange chairman emphasized.

«There are people who own certain types of local licenses, traditional banking services, payment service providers, and banks. We are looking for such people,» Zhao said at the Web Summit conference in Lisbon.

At the same event, Changpeng Zhao said that despite the volatility in the crypto market, digital assets are the most stable form of money in the world: «Cryptocurrency is the only stable thing in our very volatile and dynamic world.»

Regarding Binance’s recent large investments, Zhao explained that he provided $ 500 million for Elon Musk’s purchase of Twitter to preserve freedom of speech. «We are extremely supportive of freedom of speech, the existence of which directly affects the freedom to use cryptocurrencies,» said Changpeng Zhao. The father of Binance emphasized that he is ready to help the new owner of Twitter implement Web3 technologies on the platform.