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HomeAltcoinsBinance plans to spend over $1billion on acquisitions amid ongoing crypto winter

Binance plans to spend over $1billion on acquisitions amid ongoing crypto winter

Binance CEO Changpeng Zao in an interview with Bloomberg said the top crypto exchange may go for another $1 billion on acquisition and investment. The company clearly follows a “no fear” approach to the ongoing bear market. As per the report, Cz revealed that the investments will be allocated to promoting non-fungible token (NFTs) initiatives and decentralized finance (Defi) applications.

Binance revealed its total spending for the year

The top exchange has invested $325 million in 67 projects this year. In addition to this, the company also provided $500 million for Elon Musk’s $44 million purchase of Twitter. Compared to last year, the corporation funded 73 projects with $140 million. The investment arm of the exchange, Binance Labs, introduced a $500 million fund in June to help budding businesses and promising Web 3 ideas.

In June, top exchange subsidiary  Binance Labs announced a $500 million investment plan to promote web3 ideas and emerging businesses.

Binance CEO shares his opinion on NFTs

Binance CEO Changpeng Zao comes out in support of NFTs. In an interview, Zhao showed his admiration for non-fungible tokens (NFTs). The bitcoin billionaire claimed that it was naive to see digital treasures as nothing more than monkey images. He described how the technology may be used to sell concert tickets, issue university diplomas, and other things. Zhao said that the company is interested in investing in gaming and e-commerce businesses.

 

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