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Binance CEO Changpeng Zhao says the world’s leading digital asset platform could spend over $1 billion in investments by the end of this year. Zhao, commonly known as CZ in the crypto industry, Interview with Bloomberg.
Zhao’s statement came a day after Binance obtained a license to operate in Kazakhstan after the attack on the BNB chain.
According to CZ, the majority of the funds will be spent on investments and asset purchases.
Recently, Binance has invested over $325 million in over 67 projects despite the bearish crypto market. Binance’s venture capital arm has invested heavily in Aptos, a company founded by former Meta employees.
Binance rival FTX has set out to buy assets from troubled crypto companies and is answering questions about acquiring crypto companies, Zhao said.
A lot of them just take the user’s money and pass it on to someone else. is.”
Binance has yet to show interest in the troubled cryptocurrency company. On the contrary, Binance is focused on providing solutions for his DeFi and NFT protocols. Precisely, it focuses on addressing persistent issues within the crypto market, such as software attacks and increased regulation.
Zhao claimed that Binance has invested heavily in non-fungible tokens (NFTs), fan tokens, and traditional payment service providers. He also said that despite the current economic turmoil across the cryptocurrency market and the largest financial sector, Binance is economically viable.
As for traditional payment service providers, Zhao said Binance may embark on acquiring minority stakes in traditional gaming and e-commerce companies.
Binance has an additional $7 billion in funding for partnerships and a team of 30+ members dedicated to acquisitions and mergers.
