In the meantime, Binance shouldn’t be alone in contemplating a transfer into conventional finance; with Kraken has additionally stating its intentions to open a financial institution, a transfer into conventional finance these enigmatic crypto founders imagine will result in the eventual holy grail of Web3 — full decentralization.
The collapse of FTX has put crypto-friendly banks beneath elevated scrutiny, with the latest failures of SVB and Silvergate including to the strain on these establishments.
CZ signifies ongoing assist for stablecoins
The Binance CEO additionally Tweeted his assist for different stablecoins within the broader ecosystem, noting Binance’s latest addition of a number of stablecoin pairs.
Supporting a number of stablecoins, all the time. Extra to return. https://t.co/5W1mHzOjoG
— CZ 🔶 Binance (@cz_binance) March 11, 2023
CZ worries that is an assault on crypto
CZ additionally speculated that “it looks like there’s a coordinated effort to close down crypto-friendly banks,” noting the case of Signature as one instance, but additionally noting that the stablecoin system is — mockingly — beneath assault from a financial institution failure, somewhat than a crypto failure.
“Banks are a danger to fiat-backed stablecoins,” he added in a follow-up Tweet.
/cdn.vox-cdn.com/uploads/chorus_asset/file/24830575/canoo_van_photo.jpeg "All of Canoo’s employees are reportedly on a ‘mandatory unpaid break’")
