Former Binance CEO Changpeng Zhao told World Economic Forum attendees that people will have "less need to visit physical banks" over time as blockchain technology and digital KYC processes reduce reliance on in-person banking services.
Speaking at a Davos panel on January 22, Zhao identified tokenization, payments, and AI agents as the three key themes defining crypto's future trajectory.
The comments position CZ as forecasting fundamental changes to traditional banking infrastructure as crypto adoption intersects with digital identity verification systems.
Banking Infrastructure Shift
Zhao's remarks referenced ING's pioneering of online banking 25 years ago as precedent for technology-driven disruption, arguing that cryptocurrency combined with electronic KYC now accelerates the shift away from physical branch networks.
The Binance founder noted that while banks remain important institutions, "the space is being redefined" through blockchain-based alternatives offering 24/7 accessibility without geographic constraints.
His appearance at Davos came amid broader institutional discussions about real-world asset tokenization, which reached $21 billion in total value locked across blockchain networks, according to data presented during the forum.
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Tokenization Dominance
The World Economic Forum's January 19-23 gathering featured high-level panels on tokenization with Ripple (XRP) CEO Brad Garlinghouse, Coinbase CEO Brian Armstrong, and representatives from BlackRock, BNY Mellon, and the European Central Bank.
Discussions emphasized tokenization's capacity to enable fractional ownership and improve liquidity for traditionally illiquid assets through blockchain settlement infrastructure rather than speculative use cases.
McKinsey estimates the tokenized asset market could reach $2 trillion to $4 trillion by 2030, while Boston Consulting Group projects up to $16 trillion under aggressive adoption scenarios.
Payment Infrastructure
Zhao has been meeting with government officials across multiple countries to discuss blockchain infrastructure and asset tokenization strategies, serving as strategic adviser to Pakistan's Virtual Assets Regulatory Authority.
The former CEO completed a four-month prison sentence in 2024 as part of a $4.3 billion settlement with U.S. prosecutors over anti-money laundering failures at Binance, which exited U.S. markets in 2023.
His Davos participation reflects continued industry influence despite legal constraints preventing him from managing Binance operations.
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