Binance Could Invest More Than $1,000,000,000 Into Various Deals This Year, According to Its CEO
The ongoing crypto bear market doesn’t appear to be slowing down the investment spree of crypto titan Binance.
In a new Bloomberg interview with Binance chief executive Changpeng Zhao, the CEO says his company could spend more than $1 billion this year on various investments.
Binance has reportedly spent $325 million on 67 different projects in 2022, as well as another $200 million on an investment in Forbes. The world’s largest crypto exchange has also committed $500 million to Elon Musk’s buyout of Twitter, which has yet to finalize.
Zhao tells Bloomberg he isn’t that interested in scooping up embattled crypto lenders.
“We did look at a lot of lenders in recent months because that’s where all the issues are. Many of them, they just take a user’s money and give it to somebody else. There’s not a lot of intrinsic value. In that case, what’s to acquire? We want to see real products that people use.”
The company has been more interested in non-fungible tokens (NFTs), according to the CEO.
“DeFi (decentralized finance) works. NFTs are a lot more than selling pictures of monkeys. NFT use cases have not largely been well built – NFTs for tickets, for university degrees. I think the technology will stay.”
Zhao claims Binance has still been profitable this year despite the bear market.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/mim.girl/WhiteBarbie
The post Binance Could Invest More Than $1,000,000,000 Into Various Deals This Year, According to Its CEO appeared first on The Daily Hodl.
Go to Source
Author: Conor Devitt
