“ If you can’t beat the enemy, be the enemy”. This whimsical quote that could decently come from a new age oriental wisdom book fits perfectly in the cryptocurrency news of the day. In fact, this evening we learned that the giant Binance’s indomitable thirst for acquisition has found a new target of choice: traditional banks.
kiss, kiss, bank, bank
It was during an interview with Bloomberg Changpeng ZhaoStainless, chairman of Binance, outlined his ambition to acquire (and de facto, become) a conventional bank. On the fund, the stakes are high, and the CEO of the world’s largest crypto platform has realized that the time for the interconnection of the world of crypto and traditional finance has come.
“Some of the players have local licenses, traditional banks, payment providers… We are interested in these things. We want to be the bridge between crypto and the traditional and financial world.”
The term “pivot” is currently popular for other reasons, but Zhao expresses a strong idea that alone shows that the general model has been shaken: if banks (and other traditional financial actors) have so far been cautious, even hostile to an emergence in the cryptocurrency industry, they can now find themselves begging To get a place around the banquet. Since crypto players are not meant to be altruistic, the balance of power, in other words, who imposes what on whom, appears to be shifting.
“What we found is that when banks work with us, we direct a lot of users to them, and so the bank’s valuation goes up dramatically. So why not just invest in those banks to take advantage of some of the upside in stocks”.
Seeing the banks as a colony, even assimilated by the pure crypto players who have long despised them, and even fought against them, is not without irony. Note, however, that the movement did not start from today. In fact, at the beginning of 2022, the BitMEX exchange also mentioned For his interest in acquiring a prestigious German bank.
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