« If you can’t beat the enemy, become the enemy”. This whimsical quote that could decently come out of a new age oriental wisdom book fits perfectly with the crypto news of the day. Indeed, we learn this evening that the giant Binance’s unquenchable thirst for acquisition has found a new target of choice: traditional banks.
Kiss, kiss, banque, banque
It was during an interview for Bloomberg that Changpeng Zhaothe stainless boss of Binance, set out his ambition to acquire (and in fact, become) a traditional bank. On the fund, the stakes are high, and the CEO of the largest crypto platform in the world has understood that the time for interconnection between the crypto world and traditional finance has come.
“Some players have local licenses, traditional banks, payment service providers… We are interested in those things. We want to be the bridge between crypto and the traditional and financial world.”
The term “pivot” is currently fashionable for other reasons, but Zhao expresses a strong idea which alone shows that the general paradigm has been shaken up: if until now banks (and other traditional financial players) were cautious, even hostile to the rise of the crypto industry, they could now find themselves begging for a place around the banquet. As crypto players are not intended to be altruistic, it seems that the balance of power, in other words, who imposes what on whom, is changing.
“What we’ve found is that when banks work with us, we drive so many users to them, so the valuation of the bank goes up exponentially. So why not just invest in those banks to to capture some of the rise in equities”.
Seeing banks being colonized, even absorbed by the pure crypto players that they have so long despised, even fought against, is not without irony. Note, however, that the movement does not date from today. Indeed, at the beginning of 2022 the BitMEX exchange also reported of his interest in the acquisition of a venerable German bank.
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