CZ Says Binance Is Massively Investing In DeFi
CZ has stated on its social platform that Binance is investing in DeFi on a massive scale. Earlier, the Binance executive said the company plans to spend more than $1 billion on potential investments and acquisitions this year. DeFi and NFT projects are among the good options.
On October 23, the Binance executive shared on his personal Twitter account that Binance is investing heavily in Defi.
Binance is the largest cryptocurrency exchange on a global scale. It offers a platform with over 350 cryptocurrencies to trade, 120 million users and a 24-hour trading volume worth $76 billion. The exchange is one of the few that remains strong and continues to hire during extreme market conditions.
As mentioned in an earlier Coincu News article, 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 investments
Binance’s strong investment in DeFi was also previously revealed by CZ because 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.
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