Why Stop At Twitter Investment? Binance CEO Changpeng Zhao Is Exploring Purchasing Banks

Binance founder and CEO Changpeng Zhao is exploring the possibility of purchasing banks to bridge the gap between traditional finance and cryptocurrency.

What Happened: Zhao said he is open to either investing in banks as a minority investment or a full acquisition, according to a report by Bloomberg.

It is a good move for Binance to invest in banks, Zhao said, because when the cryptocurrency exchange collaborates with a bank, Binance often attracts a large number of new users, boosting the bank's worth. 

See More: Binance Coin (BNB) Price Prediction

“There are people who hold certain types of local licenses, traditional banking, payment-service providers, even banks. We’re looking at those things,” Bloomberg quoted Zhao as saying.

Binance earlier pumped in $500 million toward the acquisition of Twitter by Elon Musk. Zhao said on Wednesday he was also prepared to join Twitter's board of directors as a favor to Musk.

“I’m indifferent to it. If I’m asked, I probably would do it just as a favor, but it’s not something I’m dying to do. I’m pretty busy with Binance already,” Zhao said at a Web Summit in Lisbon.

Binance enables trading and holding cryptocurrencies like Bitcoin BTC/USD and Ethereum ETH/USD.

Price Action: Binance’s native token Binance Coin BNB/USD is trading at $335.12, at the time of writing, up by 5.64% in the last 24 hours, according to Benzinga Pro.

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