News hardware This crypto platform plans to buy banks
Despite the cryptocurrency winter following the fall of Bitcoin, players in the cryptocurrency industry continue to grow in times of crisis. One of the largest platforms for buying and reselling virtual currency also plans to buy real traditional banks.
Bitcoin and cryptocurrencies against a bank?
While the period does not seem favorable to the development of the cryptocurrency sector due to the fall of Bitcoin since November 2021, this recent announcement seems to indicate just the opposite.
In fact, Binance, the cryptocurrency giant, plans to buy traditional banking institutions. Founded in 2017 by Changpeng Zhao, Binance has grown exponentially during recent cryptocurrency bullish cycles. Today, the company is considered to be the largest cryptocurrency platform.
But the digital asset company doesn’t intend to stop there in its rise …
On Wednesday, during a confidential interview with Bloomberg financial media, Changpeng Zao (CZ), the boss of Binance, talked about his investment prospects for the coming years.
With a budget of one billion dollars, the CEO plans to acquire real banks:
“There are people who hold certain types of local licenses, traditional banks, payment service providers, even banks. We are looking at these things, “Biannce boss said in an interview at the Web Summit conference in Lisbon.
A common interest in cryptocurrencies and banks?
While the news may seem surprising, the idea has long been emerging among cryptocurrency giants. In July 2021, the FTX platform was already talking about the purchase of banking institutions. Likewise, cryptocurrency exchange BitMEX had also announced a potential acquisition of a German bank in early 2022.
This type of recurring announcements from multiple cryptographic operators confirms the existence of a synergy between the different parties (banks and cryptographic platforms).
“What we have found is that when banks work with us, we attract so many users to them, to the point that the bank’s valuation increases exponentially. So why don’t we just invest in these in order to capture some of the upside. shares? ” explains Changpeng Zao (CZ), CEO of Binance.
From this perspective, Binance could thus become a true virtual bank, a comparison that seems realistic when we know that Binance already offers cryptographic payment cards and other services modeled on the traditional banking system.
These new ambitions demonstrate a reversal of the situation as banks were feverish, even hostile, to virtual currencies a few years earlier, even banning their customers from buying cryptocurrencies.
If Satoshi Nakamoto, the mysterious inventor of Bitcoin, is still alive, then he can boast of having won his bet: that of having created an alternative to the banking system. However, the news may not necessarily delight users of Bitcoin and other decentralized cryptocurrencies … In fact, since Binance is owned by an entity, the decentralized aspect is no longer really at stake, 13 years after the creation of Bitcoin. .