Binance to spend over $1B on investments by end of 2022, CEO says

Binance to spend over $1B on investments by end of 2022, CEO says

By Charles Thuo - min read

Binance CEO, Changpeng Zhao, has stated that the global leading digital-asset platform may spend more than $1 billion on investment by the end of this year. Zhao, commonly referred to as CZ within the crypto space, revealed this in an interview with Bloomberg.

The statement from Zhao comes after an attack on the BNB chain, and a day after Binance acquired a license to operate in Kazakhstan.

According to CZ, the bulk of the funds will go to investments and asset purchases.

Binance investment plan

In the recent past, Binance has invested in excess of $325 million in more than 67 projects despite the bear crypto market. The Venture Capital arm of Binance has made a number of investments in Aptos, a firm founded by former Meta employees.

FTX, a close Binance competitor has embarked on purchasing assets from distressed crypto firms, and answering a question about buying out crypto firms, Zhao said:

“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.”

Not interested in acquisitions

Binance is yet to show interest in any distressed crypto firm. On the contrary, Binance is focused on offering solutions for DeFi and NFT Protocols. To be precise, it is focused on addressing persistent problems within the crypto market like software attacks and tightening regulations.

Zhao claimed that Binance has been investing heavily in non-fungible tokens (NFTs), fan tokens, and traditional payment service providers. He also stated that Binance has remained economically viable despite the current economic turmoil across the crypto markets and the largest financial sector.

On traditional payment service providers, Zhao said that Binance might venture into acquiring minority stakes in traditional gaming and eCommerce companies. 

Binance has an additional $7 billion fund for partnerships and it has a team of more than 30 members focused on acquisitions and mergers.