Exchange News- The company has funded 67 projects to the tune of $325 million so far this year.
- The exchange plans to finance Elon Musk’s acquisition of Twitter with $500 million.
CZ’s exchange has been one of the most resilient this year, despite the market downturn. The crypto bear market and the subsequent collapse of the Terra ecosystem struck the cryptocurrency sector like a nightmare scenario this year.
Since its launch, Binance has become a reputable brand among crypto enthusiasts. It is now the world’s largest cryptocurrency exchange in terms of trading volume. Recently it expanded to multiple nations by acquiring regulatory licenses with the latest being Cyprus.
Binance is investing heavily in DeFi.
(not financial advice)
— CZ 🔶 Binance (@cz_binance) October 23, 2022
Binance CEO Changpeng Zhao has said that the business is making significant investments in Decentralized Finance (DeFi).
Standing Strong Despite Market Volatility
The CEO of Binance has previously said that the company plans to finance Elon Musk’s acquisition of Twitter with $500 million and invested $200 million in the Forbes media company. Rather than investing in troubled cryptocurrency this year, Zhao has shifted his attention to decentralized finance and non-fungible tokens.
Until now, Binance has been silent on any more investment proposals. The company has funded 67 projects to the tune of $325 million so far this year. CZ has claimed that he needs tangible, marketable goods before making any financial commitments.
Currently, Binance is investing at a rate that exceeds his projected commitment of $140 million over 73 projects in 2021. Investments and possible acquisitions are expected to cost the corporation more than $1 billion this year.
Many businesses had a hard time making ends meet, and a number of them ultimately failed or were forced to shut their doors. Binance, however, was making calculated moves and had recruited staff even while other companies were laying off large numbers of workers.
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Source: https://thenewscrypto.com/binance-investing-heavily-in-defi-as-per-ceo-cz/