Despite the bear market in the crypto industry, the Binance exchange remained profitable. The company now has one of the strongest treasuries in the digital asset value chain. A week ago, Changpeng Zhao, its founder, said that the entity would invest more than a billion dollars in acquisitions for the account of 2022. This, knowing that 325 million have already been released within this framework, in particular for a total of 67 projects.
Other investors will participate in the funding round
Changpeng Zhao’s plan to acquire Forbes reflects its desire to develop crypto-friendly media platforms. After this announcement in early 2022, some analysts predicted that Binance would be interested in other media platforms, in the short term. This is now the case. Binance plans to invest $500 million in equity in the takeover of Twitter. This investment is part of a $7 billion funding pledge to support Elon Musk’s bid. Larry Ellison, co-founder of Oracle, is one of the participants in this financing.
“We are thrilled to be able to help Elon realize a new vision for Twitter. We hope we can play a role in bringing social media ande Web3, expanding the use and adoption of crypto and blockchain technology”Changpeng Zhao said last week.
This financial operation will position Binance on the vision of an Internet without censorship, as wanted by Elon Musk. Given that the Tesla boss is a crypto-enthusiast, Twitter is expected to be home to a wide array of crypto and NFT services within a few years. It will also be an interesting trading opportunity for Binance. Its services could integrate digital assets such as NFTs, in areas such as social media. Moreover, Changpeng Zhao intends to invest in all these technologies in the short term.
Last week, the boss of Binance said that there are a lot of opportunities to seize in cryptos. He specified that the exchange would be particularly active in this area before the end of the year. An announcement which is already materializing by a project of investment of 500 million dollars in the acquisition of Twitter by Elon Musk.
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