Binance Coin holders react as CEO CZ discusses buying banks
|- Binance head Changpeng Zhao stated that Binance wants to be the bridge between the crypto and traditional financial world.
- The crypto exchange company is considering either investing or acquiring banks.
- Binance Coin investors’ and whales’ transactions jumped by almost 1,800% on Wednesday.
Binance is the biggest cryptocurrency exchange and also operates the fourth biggest cryptocurrency in the world. However, the company does not plan on stopping there as Binance’s Chief Executive Officer (CEO) indicates the company’s intention of possibly acquiring banks.
Binance into banks?
According to Bloomberg’s report, Binance CEO Chengpang Zhao (CZ) is now aiming to acquire banks. In an interview at the Web Summit conference in Lisbon, CZ was noted saying that the company intends to be the bridge between the cryptocurrency and the traditional financial world.
CZ stated that Binance could either be looking into making a minority investment into a bank or potentially even acquiring it entirely. This would be an opportunity for the company to also capitalize on the increase in the bank’s market value following an agreement with Binance. He further added,
“What we have found is when banks work with us, we drive so many users to them, so the bank’s valuation goes up exponentially, like why don’t we just invest in them as well, so that we capture some of the equity upside.”
However, the Binance head also mentioned other methods for bringing the two financial worlds together. CZ stated that people with local licenses and payment service providers are also potential partners Binance is looking into.
Although he did not mention any immediate targets. This would be an opportunity for Binance to boost its user base, which seems to be considerably active at the moment.
Binance Coin entices its investors
Following a 21% incline in prices over the last two weeks, BNB declined slightly, looking to test the immediate support at $299. However, Binance Coin investors and whales’ activity might protect the altcoin from a price fall.
BNBUSD 1-day chart
On Wednesday, the on-chain transactions recorded a 1,798% jump in volume as total value rose from $79 million to $1.5 billion. Whale transactions observed a similar jump. However, this could have been the panic movement in response to BNB’s red candle from November 1.
Regardless, it does establish the investors’ presence in the market, which is crucial in sustaining the cryptocurrency’s price. If BNB continues its rise, supported by its holders, the coin will inch closer to its critical resistance of $332, which would be the first sign of profits in six months (ref. BNBUSD 1-day chart).
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