While the crypto market has experienced a downturn, BNB coin has gained significantly in the last seven days. The native token of the world’s largest crypto exchange gained more than 20% this week, joining the top gainers alongside Dogecoin.
The token has also seen an increase in 24-hour trading volume. Over £966,820.47 in BNB tokens have changed hands in the last day alone, marking a 9.45% rise. BNB is currently trading at £306.75, up 4.74% for the day.
There is no major factor driving the BNB token’s rise. However, it is most likely due to Binance’s involvement in Elon Musk’s Twitter acquisition. Binance also released a ‘blue bird’ index that included BNB, Doge, and Mask. Some experts interpreted it as the crypto exchange hinting at Twitter tokens that might be supported as payment options.
While the BNB token has begun to rise in value due to the Twitter arrangement, its parent company appears to be looking into other opportunities. Binance may add a bank to its list of potential acquisitions, according to a recent Bloomberg report.
A transaction of this magnitude can potentially reduce tensions between the Bitcoin industry and traditional banking. Changpeng Zhao, CEO of Binance, reportedly claimed that the business was willing to spend more than £878.9 million on acquisitions.
Despite the dramatic market downturn, Binance remains optimistic and has invested in 67 projects this year alone. Zhao stated that the company is interested in investing in gaming, e-commerce, and other areas.
It has widened its scope to include financial organizations as potential buyers. Zhao has yet to specify which bank is being considered by the crypto exchange. He did, however, suggest that Binance purchase a minority stake rather than a complete takeover.
The crypto mogul believes Binance can assist banks in increasing their user base and valuation. FTX CEO Sam Bankman-Fried suggested buying out Goldman Sachs in July. However, given the recent crypto crash, it is clear that cryptocurrency elites will never capture such massive fish. In terms of purchasing, Bankman-Fried took a different approach, investing extensively in repossessed properties and other troubled assets.