Daily Crypto News

Binance Could Invest More Than $1,000,000,000 Into Various Deals This Year, According to

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.

This article first appeared on DailyHODL

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