Binance CEO Estimates that the Firm May Spend Over $1B on Deals by the End of 2022
Godfrey Benjamin Oct 08, 2022 12:00
Changpeng Zhao, the CEO of global leading digital-asset platform Binance has announced that the firm may spend more than $1 billion on investment by the end of 2022
Changpeng Zhao, the CEO of global leading digital-asset platform Binance has announced that the firm may spend more than $1 billion on investment by the end of 2022.
Zhao, also known as ‘CZ’ made this revelation in an interview with Blomberg and claimed that Binance could spend more than $1 billion on investments and asset purchases, despite what appears to be a volatile crypto market.
Recall that Binance has also invested $325 million in 67 additional projects in recent times. Meanwhile, the VC division of Binance has made several investments in Aptos, the firm started by former Meta employees.
While fellow crypto firm CEO Sam Bankman-Fried has embarked on purchasing assets from prominent distressed lenders, Zhao responded to a question about buying crypto lenders by saying that;
“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.”
Binance Focuses on DeFi and NFT Protocols
Binance is focused on addressing persistent problems in the market, like regulatory tightening and software attacks. Recall that the exchange's Binance Coin was used by online launderers to steal the equivalent of $568 million earlier this week.
The firm’s CEO claims that Binance has been investing heavily in NFT, fan tokens, and traditional payment service providers. While also stating that Binance has remained economically viable despite the prices of most digital assets being down more than 50% this year.
Again, Zhao added that Binance might venture into the acquisition of minority stakes in traditional eCommerce and gaming companies. More so, Binance has an additional $7 billion fund specifically for investing in deals, and it has a 30-plus member team focused on mergers and acquisitions and lead by its co-founder, Yi He.
The CEO reiterated that as a result of the bear market, the firm will continue to look out for other investment opportunities while taking cognizance of the risk and pain involved.
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