CEO CZ of Binance reveals that the company may consider investing $1 billion in banks.

The billionaire said he was interested in minority investments or full takeovers but did not name any specific targets. Zhao also noted that Binance's decision to pursue investment banking was a wise one since, when working with banks, Binance frequently draws a large number of new customers, which raises the bank's perceived value.

CZ stated during a discussion at the Lisbon Web Summit:

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

Zhao has previously stated that Binance seems to have more than $1 billion available for purchases, with its concentration on markets like DeFi and NFTs.

He emphasized that traditional financial institutions and the cryptocurrency market in general are now much more closely related. Despite the harsh winter the cryptocurrency market has had as a result of several circumstances, such as interest rate rises, he claimed that the relationship among digital assets and traditional finance, or “TradFi,” is still growing. There are numerous well-known traditional financial services firms, such as Goldman Sachs Group Inc. and BlackRock Inc.

According to two persons with knowledge of the situation, Goldman Sachs Group Inc., a major American investment bank, expressed interest in buying ailing cryptocurrency lender Celsius Network in June with the intention of purchasing the company at a significant discount.

BlackRock, a US global financial firm with headquarters in New York, recently launched a new exchange-traded fund (ETF) that gives its European clients exposure to blockchain and cryptocurrency companies.

The cryptocurrency exchange's investment in Musk's Twitter deal was just revealed by Binance. In a statement, Binance cited its billionaire co-founder Changpeng Zhao (CZ), who claimed that as part of its plan to integrate social media and news websites into the web3 era, Binance has pledged to pay $500 for Musk to purchase Twitter.

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