Binance may spend $1 billion on acquisitions by the end of the year, Changpeng Zhao says

Binance pourrait dépenser 1 milliard de dollars en acquisitions d

Changpeng Zhao, the famous CEO of Binance, said that the exchange could shell out more than $1 billion in various investments and acquisitions by the end of the year. He also wants to expand the company’s aura into decentralized finance (DeFi), non-fungible tokens (NFT), gaming and even e-commerce.

Binance knows no bear market

According to Changpeng Zhao, Binance can spend over $1 billion on various investments and acquisitions by the end of the year. The corresponding investment should be disclosed soon as we approach the last quarter of the year and Binance has “only” spent $325 million since the start of 2022.

Changpeng Zhao, a key figure in the cryptocurrency world, is the CEO of Binance, the world’s most popular cryptocurrency exchange. Discover the full portrait and unusual story of the man named CZ.

nevertheless about ten months later and in the middle of a bear market, the largest stock exchange in the world has already spent more than twice as much as last year on no fewer than 67 different projects. Indeed, during 2021, Binance invested $140 million in 73 projects.

According to Bloomberg, the figures given here are not taken into account Binance investment in Forbes media was $200 million to take it public as a SPAC. The idea, floated in February, has since been put on hold (and not abandoned) due to administrative issues with the SEC.

In addition, Binance also intends to participate in its myriad investments billionaire Elon Musk bought Twitter for $500 million. A case whose outcome is constantly changing, but usually it should materialize in the next year.

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Investments focused on blockchain technology

According to Changpeng Zhao, a bear market is a building opportunity :

“Overall, at the high end, during a bear market, we will see more market consolidation. There are many risks and many pains, but also many opportunities.

During his interview, he also talked about the cases that shook the ecosystem, with reference to Voyager Digital or Celsiuswhich, according to him, do not bring real added value to the ecosystem:

“We’ve really looked at a lot of lenders over the last few months because they’re all in trouble. Many of them simply take the user’s money and give it to someone else. Not much intrinsic value. What to buy in this case? We want to see real products that people use. »

A vision that contrasts with that of Sam Bankman-FriedCEO of FTX, which recently spent more than $1.4 billion through its exchange to buy Voyager Digital’s assets.

The one named CZ also wants it investing in decentralized finance (DeFi) as well as non-fungible tokens (NFT), e-commerce platforms or even in companies operating in the gaming sector.

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Source: Bloomberg

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