Not long ago, Binance invested $500 million in Musk’s $44 billion acquisition of Twitter to give cryptocurrencies a place in the social media world. Today, Binance CEO Changpeng Zhao (CZ) is also interested in acquiring the bank, hoping the exchange will serve as a bridge between traditional finance and cryptocurrencies.
In an interview with Bloomberg at the Web Summit in Lisbon, Changpeng Zhao said he was considering acquiring banks to bridge the gap between the traditional finance and cryptocurrency worlds .
Changpeng Zhao did not specify which bank to acquire, but he said that Binance is open to whether it is a minority investment or a complete acquisition. Changpeng Zhao continued:
Some hold specific local licenses, including traditional banking, payment service providers, and even banks. We are targeting these targets. We want to be the bridge between the world of cryptocurrencies and traditional finance.
Changpeng Zhao also pointed out that investing in a bank is a wise strategy, because when a cryptocurrency exchange cooperates with a bank, many Binance users will join the bank, thus the valuation of the bank, and after the Binance commercial agreement is signed, the bank will The stock price is expected to rise, and Binance has the opportunity to profit from it.
Changpeng Zhao said last month that he was willing to spend $1 billion on acquisitions this year, and has recently invested $500 million to help Musk buy Twitter.
While crypto circles are looking to Twitter to evolve into a more pro-crypto platform, Changpeng Zhao (CZ) has begun to suggest a fusion of social media and Web3, and hinted that he might join Twitter’s board of directors .
Changpeng Zhao said at the Web Summit:
It’s actually quite simple to support a dozen or hundreds of cryptocurrencies as payment methods. We already have a ready-made solution: “Binance Pay”.
He continued that users of the service can choose to pay merchants in any cryptocurrency or fiat currency, and if the merchant wants to convert to another currency afterwards, Binance will not charge additional processing fees. Changpeng Zhao shared:
Binance wants to back any move by Twitter on cryptocurrency or Web3. We have all the technology, expertise and products, and we’re ready to help.
Regarding the details of Musk’s future plans for Twitter, Changpeng Zhao said:
He does mention Dogecoin , charges for tweets, charges for comments, charges for blue tick. I think these things will eventually come to pass.
When asked if he would join the Twitter board, Changpeng Zhao responded that he was not very interested in it:
But if asked about it, I’d probably say yes out of sheer goodwill, but it’s not something I’m very eager to do since I’m already busy at Binance.