Binance will make a number of new acquisitions before the end of the year
They have a $1bn fund to do so
Crypto exchange still profits from the market
Changpeng Zhao, head of Binance, told Bloomberg about their exchange’s plans. They intend to spend more than $1 billion on investments and new acquisitions by the end of the year. That said, the company is taking a cautious approach:
“We have been approached by a lot of lenders in recent months. Many of them are just taking money and giving it to someone else. There is no intrinsic value in that. What to buy then? We want to see real products that people will use.”
According to Zhao, Binance has already committed $325m to 67 projects this year. That’s a lot more than in 2021 ($140m). This figure does not include the $200m they invested in Forbes and the $500m allocated to Ilo Musk for the Twitter deal.
Binance remains in profit
The head of Binance said that the company has remained profitable this year despite all the challenges of the crypto-zine. However, he did not give specific figures.
“A bear market is a lot of danger and a lot of pain. But also a lot of opportunities.”
Zhao added that the corporation has a $7 billion fund and a team of 30 employees dedicated to mergers and acquisitions.
In June, CZ pledged to help “good” crypto projects survive the crisis. But clarified that weak companies do not need to be rescued – they will be replaced by more successful competitors.
In July, Binance said it was in “emergency talks” with more than 50 companies. They had recently obtained a licence in New Zealand and opened an office there.
