Binance, the world’s largest crypto exchange by trading volume, plans to spend a whopping sum of money on investments despite the current state of the market.
In a new interview with Bloomberg, Changpeng Zhao (CZ), the CEO of Binance exchange, stated that his company plans to spend over $1 billion on various investments in 2022.
As stated by Bloomberg, Binance has spent $325 million on 67 different projects in 2022, including $200 million on an investment in Forbes. Similarly, the leading trading platform has committed $500 million to the buyout of Twitter by Elon Musk, the CEO of Tesla.
Speaking about Binance’s interest in acquiring the battered crypto lenders, CZ Binance said:
“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.”
Binance CEO also revealed the interest of the company in non-fungible Tokens (NFTs). He said:
“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.”
In the course of the interview, CZ claimed that the leading trading platform has remained profitable this year despite the fact that most cryptocurrencies have lost over 50% of their value.