Binance May Spend Over $1 Billion This Year On Deals, CZ Says

CEO Changpeng Zhao (CZ) stated in an interview this week that Binance may spend over $1 billion on investments and acquisitions this year. The business has already invested $325 million this year in 67 projects. CZ stated that Binance was considering contributing $200 million to the Forbes media organization and $500 million to Elon Musk’s purchase of Twitter. Zhao started concentrating his investments this year on nonfungible tokens (NFTs) and decentralized finance (DeFi) instead of distressed crypto assets. Binance Investment Plans Binance continues to experience internal difficulties even as it plans to invest in more assets by the end of 2022. A massive cyber assault on the BNB Chain cost Binance $100 million. Zhao posted on social media to assure consumers that their “money was secure” and to announce that the problem was “under control.” Binance has a $7 billion fund that invests in deals and a team of more than 30 dedicated to mergers and acquisitions. According to CZ, the business may purchase minority holdings in gaming and conventional e-commerce businesses over the following months. Distressed crypto lending firms, on the other hand, are an area of spending where the organization has been more thrifty. Binance’s Rival Exchange FTX’s Notoriety Sam Bankman-Fried, the CEO of a rival exchange called FTX, gained notoriety in June for helping ailing businesses like Voyager Digital with loans and bailouts. The lender final...