CZ: Binance Could Spend Over $1 Billion On Acquisitions And Investments This Year
Binance CEO CZ has shared the world’s largest digital asset exchange could spend over $1 billion this year on acquisitions and investments despite the crypto winter. This year, Binance has committed $325 million to 67 projects. Besides, the exchange also invested in Forbes and Twitter up to 700 million.
In an interview with Bloomberg on October 8, CEO Changpeng Zhao (CZ) of the world’s largest cryptocurrency exchange Binance affirmed that his platform has spent a huge amount of more than 1 billion USD to invest quarter in 2022.
Accordingly, in addition to the amount of $ 325 million poured into 67 projects as of early October 2022 – including names like Aptos or Sui, the exchange also spent $ 200 million to invest in Forbes’ media company. US, as well as contributing $ 500 million to the plan to buy Twitter social network of billionaire Elon Musk.
Although the crypto winter lasted longer than expected, compared to 2021, Binance only spent 140 million USD on 73 projects, which can see the amount invested by the exchange has increased significantly, as well as the size of the funds. invest.
Billionaire Sam Bankman-Fried of the FTX exchange is also very active this year. However, unlike CZ, he chooses to spend money on acquiring assets of troubled crypto companies. Binance is also interested in acquiring assets of the bankrupt Voyager, but still no transactions have been made.
CZ thinks he has a safer approach when choosing DeFi and NFT projects. Binance has also invested in the ecosystem of NFT and fan tokens, as well as traditional payment service providers.
“We did look at a lot of lenders in recent months, because that’s where all the issues are,(…). Many of them, they just take a user’s money and give it to somebody else. There’s not a lot of intrinsic value. In that case, what’s to acquire? We want to see real products that people use.”Zhao said in the interview
When asked about the $568 million hack on BSC that just went through, Binance said it will continue to address longstanding problems in the industry such as software hacking and regulatory tightening. Zhao took to social media to say that the incident is now under control and told users that their funds are safe.
Binance may also be interested in acquiring minority stakes in traditional e-commerce and gaming companies in the coming months.
“In the coming months, Binance might also be interested in acquiring minority stakes in traditional ecommerce and gaming companies”He said
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