Binance May Spend More Than $1B On Deals This Year
Binance CEO Changpeng Zhao has recently talked about the platform’s plans to allocate more than $1 billion for investments and acquisitions of companies in the crypto industry this year.
He has said:
“We’ve been watching a lot of lenders in recent months because that’s where in this segment all the problems are. Many of them simply take the user’s money and give it to someone else. There is not much intrinsic value in this. In that case, what should you buy? We want to see real products being used by people.”
Binance has already committed $325 million to 67 projects in 2022, up from $140 million to 73 companies last year. The figure does not take into account the $200 million investment in Forbes and the $500 million funding to Elon Musk to acquire Twitter.
The Binance head has also said the company remained profitable in 2022, but did not elaborate on specific results. He has added:
“During the bear cycle, we will see more market consolidation. There are many risks and many pains, but also many opportunities.”
