Crypto Eats Up Traditional Finance: Binance Analyzes Benefits of Bank Acquisition

Binance has been making a lot of headlines lately following reports involving Elon Musk. Check out the latest news that floats around the important crypto exchange.

The largest crypto exchange platform by volume in the world is reportedly looking into the benefits of acquiring banks.

According to a new report by Bloomberg, Binance is weighing the pros and cons of purchasing banking institutions as traditional finance becomes increasingly interconnected with the digital assets industry.

Binance CEO Changpeng Zhao stated not too long ago that the firm is planning on bridging the gap between digital assets and traditional finance.

Zhao made his statements at a crypto conference in Portugal; according to the report:

“There are people who hold certain types of local licenses, 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.”

Changpeng Zhao, CEO of Binance, believes in the stability of cryptos amidst a global downturn in both the equities and the crypto market.

During an interview at the Web Summit in Lisbon, Portugal, Zhao addressed his bullish view of cryptos despite the crypto winter that saw Bitcoin (BTC) shed over 74% off its all-time high.

“Crypto is probably the only stable thing in this very dynamic environment. Prices are volatile, but if you look at the technology, if you look at the fundamentals of cryptocurrencies – limited supply, nothing’s changed. It has been the most stable thing technology-wise in this whole turmoil situation.”

He said that crypto still has room for growth. Back in September, Zhao shared his thoughts on how regulation would help drive global adoption of crypto assets.

“I do believe that having regulatory clarity will actually ease adoption. There is a group of guys who got into crypto early, many of them may be libertarians, anarchists etc. They hate any kind of regulation.”