Following Elon Musk Twitter Clash, CZ Now Seeking To Attract State-backed Investment For Binance To Boost Credibility — But Which?

Source : zycrypto.com

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  • CZ is in talks with sovereign wealth funds over Binance future.
  • The largest digital asset company is also looking to raise more capital following Coinbase listing.
  • Singapore, UAE, France, Qatar and Bahrain are some of the likely countries to host Binance proposed Headquarters.

According to recent reports by Bloomberg, the CEO of Binance, Changpeng Zhao, began investment talks with an undisclosed number of sovereign wealth funds earlier this week, in a move that is centered on helping Binance increase its embattled credibility amongst governments in Western countries.

The quest to find a better home

Since being exiled from China, the largest digital asset exchange platform has become a roaming corporate orphan seeking a country to establish its headquarters and operate from. Without a physical corporate headquarters, and a proper financial license to go with it, many countries will remain skeptical about letting Binance conduct business within their territory.

A web of regulations and contra-regulations has made the process of finding a suitable capital city difficult given its already global status. Though the company claims to be ‘decentralized’ and currently operates a 100% remote staff network, records show that its corporate holdings registration is domiciled in the Cayman Islands.

Its ultimate goal, according to the Canadian-born CEO, is to raise more funding through sovereign wealth fund and the company has set its sights on countries like Singapore where it has already received considerable backing from a government-backed investment known as Temasek, and Dubai which is currently poised to be the most crypto-friendly nation in the Middle East. Other nations likely to host Binance’s proposed HQ are Bahrain, France, and Qatar.

A clash with Elon Musk

While complaints of its lack of transparency from the UK abound, Binance also came at the receiving end of complaints from Dogecoin holders, concerning irregularities with its Dogecoin wallet. Elon Musk helped amplify the voices of many Dogecoin users on Twitter yesterday, referring to the withdrawal freeze experienced by Dogecoin users on the platform as ‘shady.’

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Binance has since promised to rebuild its Dogecoin wallet from the start after hinting at a similar glitch that rocked Tesla’s EV cars in October in what appears to be a retaliatory jab.

The fledgling company is currently looking to recruit over 1000 remote workers to fill various roles across many countries.

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