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

Changpeng Zhao, the distinguished CEO of Binance, said the exchange could shell out over $ 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 does not know the bear market

According to Changpeng Zhao, Binance could spend over $ 1 billion on various investments and acquisitions by the end of the year. Relevant investments are expected to 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. He discovered the full portrait and the atypical story of the one nicknamed CZ.

However, in about ten months and in the middle of the bear market, the largest stock exchange in the world has already spent more than double last year on 67 different projects. In fact, over the course of 2021, Binance had invested $ 140 million in 73 projects.

As Bloomberg reports, the figures shown here do not take into account Binance’s $ 200 million investment in Forbes media to make it public in the form of a SPAC. An idea raised in February, which was then suspended (and not abandoned) due to administrative problems with the SEC.

Furthermore, in its myriad of investments, Binance also intends to participate billionaire Elon Musk’s $ 500 million Twitter purchase. A case whose outcome continues to change, but which should normally materialize within the 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 have shaken the ecosystem, referring to Voyager Digital or Celsiuswhich, according to him, do not bring real added value to the ecosystem:

“We’ve actually looked at a lot of lenders over the past few months because that’s where all the problems lie. Many of them simply take one user’s money and give it to someone else. There isn’t much intrinsic value. If so, 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, who recently spent more than $ 1.4 billion through his exchange to buy Voyager Digital’s assets.

He also wants the one nicknamed CZ invest in decentralized finance (DeFi) as well as non-fungible tokens (NFTs), e-commerce platforms or even in companies operating in the gaming sector.

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Source: Bloomberg

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