Binance to spend over $1B on investments by end of 2022, CEO says | CPT PPP Coverage
Cryptopolytech (CPT) Public Press Pass (PPP)
News of the Day COVERAGE
200000048 – World Newser
•| #World |•| #Online |•| #Media |•| #Outlet |
View more Headlines & Breaking News here, as covered by cryptopolytech.com
Binance to spend over $1B on investments by end of 2022, CEO says appeared on coinjournal.net by Charles Thuo.
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.
FEATURED ‘News of the Day’, as reported by public domain newswires.
View ALL Headlines & Breaking News here.
Source Information (if available)
This article originally appeared on coinjournal.net by Charles Thuo – sharing via newswires in the public domain, repeatedly. News articles have become eerily similar to manufacturer descriptions.
We will happily entertain any content removal requests, simply reach out to us. In the interim, please perform due diligence and place any content you deem “privileged” behind a subscription and/or paywall.
CPT (CryptoPolyTech) PPP (Public Press Pass) Coverage features stories and headlines you may not otherwise see due to the manipulation of mass media.
First to share? If share image does not populate, please close the share box & re-open or reload page to load the image, Thanks!