Changpeng Zhao, Binance’s illustrious CEO, said the exchange could pay more than $1 billion in various investments and acquisitions by the end of the year. He also wants to expand the company’s look into decentralized finance (DeFi), non-fungible tokens (NFT), gaming, and even e-commerce.
Binance does not know the bear market
According to Changpeng Zhao, Binance Could Spend Over $1 Billion on Various Investments and acquisitions by the end of the year. The relevant investments should be revealed shortly as we approach the last quarter of the year and Binance has spent “only” $325 million since the beginning of 2022.
Changpeng Zhao, a key figure in the world of cryptocurrencies, is the CEO of Binance, the most widely used cryptocurrency exchange in the world. Discover the full portrait and atypical story of the one nicknamed CZ.
Anyway, in about ten months and in the middle of the bear market, the largest fair in the world has already spent more than twice as much as last year on no fewer than 67 different projects. Indeed, over the course of 2021, Binance had invested $140 million through 73 projects.
As Bloomberg reports, the numbers given here do not take into account Binance’s $200 Million Investment in Forbes Media to make it public in the form of SPAC. An idea floated in February has since been shelved (and not abandoned) due to administrative concerns at the SEC.
In addition, in its numerous investments, Binance also plans to participate in: Billionaire Elon Musk Buys Twitter For $500 Million. A case whose outcome is always changing, but which should normally become a reality next year.
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According to Changpeng Zhao, the bear market is an opportunity to build :
“Overall, at a high level, during the bear market, we will see more market consolidation. There are many risks and many pains, but also many opportunities.
During his interview, he also spoke about the cases that shocked the ecosystem, by referring to Voyager Digital or Celsiuswhich, according to him, do not provide any real added value for the ecosystem:
“We have indeed looked at many lenders in recent months, because that is where all the problems are. Many of them just take a user’s money and give it to someone else. There is not much intrinsic value. What is there to gain in this case? We want to see real products that people use. »
A vision that contrasts with that of Sam Bankman-Friedthe CEO of FTX, who recently spent more than $1.4 billion through his exchange on take over Voyager Digital’s assets.
The one with the nickname CZ also wishes investing in decentralized financing (DeFi) as well as non-fungible tokens (NFT), e-commerce platforms or even in companies operating through the gaming sector.
👉 On the same topic – BNB Smart Chain hack: A multi-million dollar bounty to catch the hacker
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Source : Bloomberg
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Passionate about the world of decentralized finance and the novelties of Web 3.0, I write articles for Cryptoast to make the blockchain more accessible to everyone. Confident that cryptocurrencies will change the future very soon.
Maximilien Prue
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