Binance is weighing options to interlink digital assets and traditional finance, reported Bloomberg citing an interview of its founder and CEO Zhao ‘CZ’ Changpeng.
In this regard, the crypto exchange CEO is exploring various targets including banks.
Go deeper with GlobalData
Changpeng said: “There are people who hold certain types of local licences, 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.”
Elaborating on the plan, Changpeng said the company may either purchase a minority stake or go for a complete buyout option.
He noted that following a deal, the crypto exchange will be able to cash in on the potential rise in a bank’s share price.
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By GlobalData“What we have found is when banks work with us, we drive so many users to them, so the bank’s valuation goes up exponentially, like why don’t we just invest in them as well, so that we capture some of the equity upside,” he added.
The latest development follows the Binance founder’s recent announcement on plans to spend nearly $1bn on deals this year.
Right from Goldman Sachs Group to BlackRock, several financial institutions are said to be promoting digital assts despite the market meltdown that hit the crypto space hard.
In March this year, Binance reportedly halted accepting cards of Russian banks that are under sanctions following the country’s invasion of Ukraine.
The firm also barred access to individuals, who were sanctioned by the US and European countries.
