The former CEO of Binance, Changpeng Zhao, told participants at the World Economic Forum that people will have "less and less need to go to physical banks" over time, as blockchain technology and digital KYC processes reduce reliance on in-person banking services.
Speaking at a panel in Davos on January 22, Zhao identified tokenization, payments, and AI agents as the three key themes that will define the future trajectory of crypto.
These comments present CZ as anticipating fundamental changes in traditional banking infrastructure as the adoption of crypto intersects with digital identity verification systems.
Transformation of banking infrastructure
Zhao's remarks referenced ING's pioneering role in online banking 25 years ago as a precedent for technological disruption, arguing that cryptocurrency combined with electronic KYC is now accelerating the transition away from physical agency networks.
The founder of Binance emphasized that, even though banks remain important institutions, "the space is being redefined" by blockchain-based alternatives offering 24/7 accessibility, without geographical constraints.
Her participation in Davos was part of a broader context of institutional discussions on the tokenization of real-world assets, which reached $21 billion in total value locked on blockchain networks, according to data presented during the forum.
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Tokenization dominance
The World Economic Forum meeting from January 19 to 23 brought together high-level panels on tokenization featuring Ripple (XRP) CEO Brad Garlinghouse, Coinbase CEO Brian Armstrong, as well as representatives from BlackRock, BNY Mellon, and the European Central Bank.
The discussions emphasized the ability of tokenization to enable fractional ownership and enhance the liquidity of traditionally illiquid assets, via a blockchain settlement infrastructure rather than through purely speculative use cases.
McKinsey estimates that the market for tokenized assets could reach $2 trillion to $4 trillion by 2030, while Boston Consulting Group projects up to $16 trillion in aggressive adoption scenarios.
Payment infrastructure
Zhao met with government officials in several countries to discuss blockchain infrastructure and asset tokenization strategies, acting as a strategic advisor to the Virtual Assets Regulatory Authority of Pakistan.
The former CEO served a four-month prison sentence in 2024 as part of a $4.3 billion settlement with U.S. prosecutors regarding failures in anti-money laundering practices at Binance, which exited the U.S. market in 2023.
Her participation in Davos reflects a continuing influence on the sector, despite legal constraints preventing her from managing Binance's operations.
