By Hassan Mehmood (Saudi Arabia)
Cryptocurrency exchange Binance is making preparations to expand its horizons. The report covers the ongoing negotiating between Binance and Banking enterprises for a possible merger or acquisition. It seems that Binance is now focusing on adding a physical bank under its wing, which is a huge step up.
Binance’s CEO has claimed that the move will bridge the gap between traditional and decentralized finance echelons. He has also talked about allocating funds valued at $1 billion to complete this feat. The deal could continue during the upcoming months.
Under the current political and economic pretext, it seems necessary for cryptocurrency moguls to take steps to ensure the survival and stability of the space. The decision by Binance to undertake a TradeFi bank can be taken under any context. However, Binance’s CEO has claimed that bear markets are the ideal time for increasing the portfolio of an enterprise.
CZ was speaking to the journalists at Web Summit Conference in Lisbon recently when he claimed that banks and financial enterprises have the benefit of holding licenses. The importance of a bonafide custodial services provider is normal for traditional banks, that are not the case with cryptocurrency entities.
Therefore, Binance is looking for ways to add these options at its disposal. It is worth mentioning that Portugal is counted among crypto-friendly nations on account of its 0 tax policy.
Binance’s Expansion
Binance has already been revealed to be the 7th largest stakeholder in the Twitter acquisition by Tesla CEO Elon Musk. The Bloomberg report claim that the cryptocurrency organization has invested in 67 projects dividing a capital of $300 million. Last year, the exchange platform invested in 73 projects valued at $140 million.
At present, the enterprise has $500 million to spare that it is likely to divert toward banking acquisitions. Talking about the future of NFTs, CZ claimed that NFTs, for now, are not properly utilized and have poor technical structure. However, he claims that NFTs are going to gain more traction in the future by finding mainstream uses like University degrees and tickets.
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