CZ: Binance will likely spend more than $1 billion on acquisitions and investments this year

Binance is likely to spend more than $1 billion on acquisitions and investments this year, despite a looming bear market in the cryptocurrency market, Binance founder CZ said inan interview with Bloomberg on Oct. 7. CZ said. NFT use cases are largely not well built, the technology can be used for tickets or college degrees, and I think this technology is here to stay. In the coming months, Binance may also be interested in taking minority stakes in traditional e-commerce and gaming companies. Binance has a $7 billion fund that has been investing in deals, and it has a team of more than 30 members focused on M&A. During a bear market, we're going to see more market consolidation, a lot of risk and pain, but also a lot of opportunity." "Binance has been pouring money into the ecosystem of NFT and fan tokens, as well as traditional payment service providers," CZ added. "Despite the price of most cryptocurrencies falling more than 50% this year, Binance has remained profitable this year. The exact amount of revenue has not been disclosed." For the record, Binance has committed $325 million to 67 projects so far this year, compared with $140 million in funding for 73 projects in 2021.