Changpeng Zhao, the illustrious CEO of Binance, said that the exchange could disburse over $1 billion in different investments and acquisitions by the end of the year. He also wants to expand the company’s aura in decentralized finance (DeFi), non-fungible tokens (NFT), gaming and even e-commerce.
Binance does not know the bear market
According 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 soon, as we are approaching the last quarter of the year and Binance has spent “only” $325 million since the start of 2022.
A key figure in the world of cryptocurrencies, Changpeng Zhao is the CEO of Binance, the most widely used cryptocurrency exchange in the world. Discover the complete portrait and the atypical story of the one nicknamed CZ.
Nevertheless, in about ten months and in the middle of the bear market, the largest exchange in the world has already spent more than twice as much as last year on no less than 67 different projects. Indeed, over the course of 2021, Binance had invested $140 million through 73 projects.
As Bloomberg reports, the figures given here do not take into account Binance’s $200 million investment in Forbes media in order to take it public in the form of SPAC. An idea raised in February, which has since been suspended (and not abandoned) for administrative concerns with the SEC.
Additionally, in its myriad of investments, Binance also intends to participate in billionaire Elon Musk’s $500 million purchase of Twitter. A case whose outcome keeps changing, but which should normally materialize by 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 a lot of risks and a lot of pain, but also a lot of opportunities.
During his interview, he also talked about the cases that shook the ecosystem, by referring to Voyager Digital or Celsiuswhich according to him do not bring real added value to the ecosystem:
“We have indeed looked at a lot of lenders over the last few months because that’s where all the problems are. Many of them just take a user’s money and give it to someone else. There’s not a lot of intrinsic value. In this case, what is there to acquire? We want to see real products that people use. »
A vision that contrasts with that of Sam Bankman-Friedthe CEO of FTX, which recently spent more than $1.4 billion through its exchange to buy the assets of Voyager Digital.
The one nicknamed CZ also wishes investing in decentralized finance (DeFi) as well as non-fungible tokens (NFT), e-commerce platforms or even in companies operating through the gaming sector.
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Source: Bloomberg
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Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilien Prue
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