We want to be the bridge between crypto and the old financial system, Says Binance CEO
Binance is continuously working to fill the gap between the traditional financial system & blockchain technology-based financial system as a bridge with its services.
Binance is a popular crypto trade platform, which is standing at the first rank in the crypto space because of its highly secured & user-friendly services. Changpeng Zhao is the founder & CEO of this exchange and he always remains ready to take game changing decisions in favor of Binance & crypto adoption. This year, Binance’s CEO grabbed huge attention in the world because of his net worth as the 10th richest person in the world, thanks to his crypto businesses.
On 2 November, Bloomberg reported that Binance is continuously working to bring a better amount of benefits to the crypto sector with the help of traditional banking services support.
Bloomberg reported noted that Binance is weighing the advantages & disadvantages of having traditional financial services in the crypto & blockchain sectors. Binance CEO Zhao reportedly said that Binance is continuously working on these factors to fill the gap between the traditional financial system & crypto assets-based financial system as a bridge between these two finance worlds.
“There are people who hold certain types of local licenses, traditional banking, payment-service providers, even banks. We’re looking at those things. We want to be the bridge between crypto and the traditional, financial world,” Zhao said at a crypto conference in Portugal.
Zhao also said that the use of traditional Banking systems is going to increase exponentially because the crypto sector is bringing a better amount of users for traditional financial services. In particular, Binance’s CEO tried to say that the partnership of Binance with traditional financial services will not only make a better service experience for Binance users but also bring a big number of customers for all these traditional banking services provider companies.
Earlier this, Binance’s CEO said that the company was focusing on spending approximately $1 Billion to acquire companies (banking & crypto firms). Zhao also said that they were also focusing on the acquisition of collapsed crypto lending platforms, which collapsed badly in recent months because of the high volatility in the Crypto market, but at the same time, he said that acquiring crypto lending platforms is not a good idea for Binance because the majority of the lending platforms take money from customers to handover to other big companies for a small percentage, which is not an innovative idea or business model to make money.
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