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 email alerts delivered directly to your inbox
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