No one disagrees that the winter of 2022 will be tough for many well-known crypto companies.

But for some industry giants like Binance and FTX, this is an opportunity for acquisitions, as the time is right to add more companies to their portfolio.

Binance said it is ready to spend $1 billion this year on some major market acquisitions.

According to recent developments, Binance is now looking to buy banks to bridge the gap between traditional finance and the crypto industry.

Speaking at the Web Summit in Lisbon, Binance’s CEO said:

There are people who have some kind of local licenses, traditional banking services, payment service providers and banks.

We are looking at these things.

We want to be the bridge between the crypto world and the traditional financial world.

CZ’s comments clearly reflect that traditional financial and cryptocurrency markets are interrelated on a day-to-day basis.

As a result, it is better if the two sides work in synergy instead of competing.

Some large financial institutions such as BlackRock and Goldman Sachs are already foraying into the cryptocurrency market.

Despite this year’s crypto winter, BlackRock decided to partner with Coinbase in August 2022 to give its institutional clients pricing and exposure to digital assets.

Binance Extension:

Binance chiefs said they are open to partial and full acquisitions.

He believes this is an opportunity for Binance to benefit from the expected increase in the bank’s share price after signing the deal with Binance.

He further added:

We have found that when banks work with us, we direct a lot of users to them, so the bank’s rating rises dramatically.

So why not invest in it, so we can get some more shares.

CZ is also an investor in Twitter, having previously provided Elon Musk with $500 million in his recent Twitter deal.

He expressed his desire to join Twitter’s board of directors if asked by Musk.

Furthermore, Binance is ready to provide blockchain-based solutions to solve the Twitter bot problem.

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