Thursday, October 6, 2022
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Binance aiming non-crypto acquisitions to expand crypto market cap

Binance, the world’s leading cryptocurrency exchange, aims to purchase non-crypto firms in order to broaden the appeal of digital virtual assets. The plan was revealed by its CEO Changpeng “CZ” Zhao in a recent interview. According to Zhao, the company is aiming for finding and investing in one or two non-crypto companies in each economic area. After that, it will try to pull them into crypto. This strategy is to grow the cryptocurrency sector.

In February, Binance purchased $200 million worth of equities in Forbes which is a U.S. publisher seeking to float on the New York Stock Exchange.

It has also been participating in crypto assets, with its Bifinity business funding $36 million to Eqonex this week in the form of debt convertible into an equity share. Eqonex is the parent organization of Digivault, which last year became the first crypto custody service to receive official approval from the UK’s Financial Conduct Authority (FCA). However, the FCA indicated its displeasure with the agreement. The FCA was also concerned about Binance acquiring access to the UK’s Faster Payment Service through a February agreement with payments business Paysafe.

Following a barrage of criticism from authorities throughout the world last year, the exchange has begun to hire compliance experts. According to information, it currently employs 70 people in the United Kingdom, with many of them working in regulatory responsibilities.

 

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