Binance is considering purchasing a bank as part of its acquisition spree, according to a recent report by Bloomberg.
Such a potential deal could potentially help bridge the boundaries between the nascent cryptocurrency industry and legacy finance.
As reported by U.Today, Binance CEO Changpeng Zhao said that the cryptocurrency giant was ready to spend more than $1 billion on acquisition deals.
Binance, which has so far invested in 67 projects in 2022, still sees plenty of opportunities in the market in spite of the massive market collapse. According to Zhao, the company is eyeing deals in such sectors as gaming, e-commerce, and others. Now, its potential acquisition deals also include banks.
Zhao hasn’t specified which bank the cryptocurrency exchange could potentially acquire. He also said that Binance could also opt for buying a minority stake instead of a full acquisition.
The cryptocurrency billionaire has stressed that Binance could potentially help banks to expand their user base and increase their valuation.
Last July, Sam Bankman-Fried, the CEO of cryptocurrency giant FTX, floated the idea of potentially acquiring banking giant Goldman Sachs.
However, following the recent crypto crash, such big fish clearly remain out of reach for cryptocurrency bigwigs.
Bankman-Fried took a different approach to acquisitions, pouring plenty of funds into distressed assets.
Dan Burgin
U.Today Editorial Team
