Binance May Allocate more than $1 Billion to Deals This Year
Binance May Allocate more than $1 Billion to Deals This Year

Binance May Allocate more than $1 Billion to Deals This Year

9 october, 20221 minute to read
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Binance CEO Zhao "CZ" Changpeng said the exchange plans to allocate more than $1 billion for investments and acquisitions in the crypto industry in 2022.

Compared to 2021, when the company allocated $140 million to 73 projects, this year Binance has invested $325 million in 67 projects. The figure does not take into account the $200 million investment in Forbes and the $500 million funding to Elon Musk to acquire Twitter.

Binance has not acquired any distressed crypto-assets this year, taking a low-key approach, focusing on areas such as decentralised finance and non-functional tokens.

We did look at a lot of lenders in recent months, because that’s where all the issues are. 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,

said Zhao.

Zhao said that Binance remains profitable in 2022, but he did not specify specific figures. The company also continues to invest in NFT and fan tokens:

DeFi works. NFTs are a lot more than selling pictures of monkeys. NFT use cases have not largely been well built — NFTs for tickets, for university degrees. I think the technology will stay.

He added that the corporation has a $7 billion fund and a team of 30 employees that deals with mergers and acquisitions.

9 october, 2022
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