In the crypto world, there is no company with a better record than Binance. The exchange that in only three years, has managed to conquer the market with a huge amount of products and services, positioning itself as the main cryptomoney company in the world. Therefore, it is not unusual for ideas that seemed impossible just a few years ago to start circulating. Which is why we wonder if Binance will buy its own bank.
Crypto-money continues to conquer spaces
The development of Binance has reached a point where analysts of the crypt world should ask themselves if it is logical to continue to refer to the company as a crypt currency exchange. Well, over the years Changpeng Zhao’s company has grown so much that it has ceased to be a simple exchange, and has become a real business holding.
Wallets, futures contracts, exchanges, fiat transactions, debit cards, stablecoins, incubators, live events, or data companies, there is not a sector that Binance has not entered or intends to enter. Creating the largest ecosystem of cryptomoney related products today.
However, this is not enough for the company led by Zhao. Well, on several occasions, Binance spokespersons have already spoken about the company’s plans for the future. Among them, the entry into the decentralized finance sector, and the integration with traditional institutions such as banks, have the highest priority.
For, despite being a multi-million dollar business, with presence in all continents, crypto-currencies have not achieved the level of recognition by governments and banks that they should have due to their size. Something that Binance is trying to change with its latest moves.
Will Binance buy its own bank to expand its ecosystem?
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The Binance bank
Therefore, it is not a surprise to anyone that, as Changpeng Zhao himself has acknowledged in a conversation with Bitcoin Billionaire, the idea of buying a bank is gaining strength within Binance. After it has been going around in the company for several years.
The acquisition of a bank would allow Binance to integrate into the traditional financial world, in a way that has been impossible until now. Having a different kind of relationship with the regulatory agencies, and also counting on Binance’s financial muscle to internationalize the bank’s business.
Thus, although he clarified that at the moment there are no concrete plans to buy a bank by Binance. Changpeng Zhao also said that: „At the same time, buying a bank does not solve all the problems. It probably gives us an easier channel to talk to a regulator.
If such a move by Binance were to take place, the crypto-currency company would once again demonstrate its leadership in the industry. With an unprecedented step for integration between traditional and decentralized finance. Which makes this possible purchase of a bank our Fact of the Day here at CryptTrend.