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

Changpeng Zhao, the illustrious CEO of Binance, said that the exchange could shell out more than $1 billion in different 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 Chang Peng Zhao Binance could spend more than $1 billion on various investments and acquisitions at the end of the year. Relevant investments should be revealed soon as we head into the final 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 discovers the complete portrait and the atypical history of the nicknamed CZ.

Nevertheless, in about ten months and in the middle of the bear market, the world’s largest stock exchange has already spent more than twice as much as last year on no less than 67 different projects. In fact, over the course of 2021, Binance had invested $140 million across 73 projects.

As reported by Bloomberg, the figures given here do not take into account Binance’s $200 Million Investment In Forbes Media to make it public in the form of SPAC. An idea floated in February, which has since been suspended (and not abandoned) due to administrative issues with the SEC.

Furthermore, in its large number of investments, Binance also intends to participate in The purchase of Twitter by billionaire Elon Musk for 500 million dollars. A case whose outcome continues to change, but which should normally materialize next year.

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According to Changpeng Zhao, the bear market is an opportunity to build :

“In general, at a high level, during the bear market, we will see more consolidation of the market. 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, referring to Voyager Digital or Celsiuswhich according to him do not provide real added value to the ecosystem:

“In fact, we’ve looked at a lot of lenders in the last few months because that’s where all the trouble is. Many of them simply take money from one user and give it to someone else. There is not much intrinsic value. In this case, what should be purchased? 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 nicknamed CZ also wishes invest in decentralized finance (DeFi) as well as non-fungible tokens (NFT), e-commerce platforms or even in companies that operate through the gaming sector.

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Source: Bloomberg

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