In an interview this week, Binance CEO Zhao “CZ” Changpeng claimed the company might invest or acquire businesses for more than $1 billion this year. So far this year, the business has invested $325 million in 67 different initiatives.
#Binance CEO says the company may spend more than $1 billion on acquisitions and investments this year.
— Watcher.Guru (@WatcherGuru) October 7, 2022
The CEO of Binance has said that his business is planning to finance Elon Musk’s acquisition of Twitter to the tune of $500 million and invest $200 million in the Forbes media organization.
Zhao has shifted his investing strategy this year away from troubled cryptocurrency and toward decentralized finance and nonfungible tokens. We haven’t finished talking about other ways to invest in Binance yet.
Binance has its own internal problems, but it plans to invest in additional assets by the end of 2022. Binance lost $100 million due to a cyber assault on the BNB Chain this morning. Zhao has posted on social media that the situation is under control and that consumers’ money is secure.
Last night, a hacker stole 2M BNB worth approx. $560M by exploiting a bug in the Binance Bridge.This theft brings the total amount stolen in hacks this year to just under $2.9 billion worth of cryptocurrency, $1.9 billion of which was stolen from cross-chain bridges. pic.twitter.com/LxnL2QtlBA
— Chainalysis (@chainalysis) October 7, 2022
Binance is Investing Heavily in NFTs
According to Zhao, Binance has also been investing heavily in the infrastructure around NFTs, fan tokens, and more conventional payment processors. Without going into detail, Zhao noted that Binance has been profitable this year even though the values of major cryptocurrencies have dropped by more than 50%.
He said that Binance has a staff of around 30 people working on mergers and acquisitions and a $7 billion fund that has been investing in deals.