According to Bloomberg, the CEO of Binance (Changpeng Zhao or CZ) has said he is ready to spend $1 billion on acquisitions. This ambition concerns the year 2022 alone and one of the best known exchanges on the market has already disbursed up to 325 million dollars this year. This figure is already more than double the amount invested last year. This figure is likely to rise since Binance has also announced a potential stake of around $200 million in the Forbes media.
Crypto: A conducive environment for investment
Binance’s acquisition spree comes amid a brutal bear market. Both bitcoin (BTC) and ethereum (ETH) have lost more than 70% of their value since the last high. To this observation is added the bankruptcy of certain large companies in the market, such as Celsius. It is therefore clear that all the economic players seem to be in difficulty. This bear market is notably the cause of global geopolitical instability, inflation, recession and the withdrawal of investors.
Nevertheless, Binance stands out from other exchanges which, for example, had to separate from their team during this bear market period. On the contrary, Binance takes the opportunity to acquire market share and thus bet on a future rise in the market and benefit from these contributions. Binance CEO believes that there are a lot of opportunities in this market. Binance has invested in 67 projects so far in 2022.
Binance: The Significant Potential of NFTs
Changpeng Zhao recently praised non-fungible tokens (NFTs) in a recent interview. The entrepreneur felt it was short-sighted to view digital collectibles as mere pictures of monkeys. He explained that this technology could be used to issue university degrees, offer concert tickets.
Indeed, during the football match between Real Madrid and Liverpool on May 28, incidents broke out about counterfeit tickets. Some believe that NFT technology could overcome this difficulty by ensuring the authenticity of the banknote. The CEO added that he wants to invest in gaming companies and e-commerce.
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