Binance Readies to Spend $1B on Deals This Year: Report
Cryptocurrency exchange Binance might put over $1 billion on acquisitions and investments until the end of the year, the exchange’s head Changpeng Zhao (CZ) said in an interview with Bloomberg.
Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world
CZ said that the exchange has invested $325 million in 67 projects so far in 2022, while in 2021 Binance spent $140 million on 73 projects. Although CZ declined to elaborate on which companies Binance might purchase, he hinted that the platform might acquire minority stakes in «traditional ecommerce and gaming companies.» He said:
«Overall at a high level, during the bear market we’ll see more market consolidation. There’s a lot of risks and a lot of pain, but also a lot of opportunity.»
Binance’s CZ Makes U-turn, Says WazirX Acquisition ‘Was Never Completed’
Earlier in October, Binance opened two offices in Brazil (São Paulo and Rio de Janeiro) to expand its activities in the country after it had previously registered as a financial services provider in New Zealand and opened a local branch.
The authorities of Bahrain, Dubai and the Abu Dhabi Financial Free Zone have approved the exchange’s operations in their territories. The platform also announced the launch of a regulated exchange in Thailand and the opening of a customer service center in Turkey.
Access more than 50 of the world’s financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange