Since its launch, Binance has established a reputation among cryptocurrency enthusiasts and users. The exchange that surfaced in 2017 has had one of the most remarkable journeys. It has grown to be one of the largest crypto exchanges on a global scale.
It offers a trading platform with more than 350 cryptocurrencies, 120 million users, and a daily trading volume of $76 billion. In spite of the severe market conditions, the exchange was one of the few to continue recruiting.
Even with such progress, Binance’s CEO, Changpeng Zhao (CZ), has stated that the company is heavily investing in DeFi.
Binance, according to the CEO, is aiming to spend $200 million on the Forbes media organization and $500 million in financing for Elon Musk’s Twitter purchase. Additionally, earlier this year, the Binance executive said the company plans to spend more than $1 billion on potential investments and acquisitions this year and DeFi and NFT projects are among the good options.
Binance has also committed $325 million to 67 projects. CZ emphasized that before he invests in something, he wants to see real products that people can use.
Binance’s current investment ratio is higher than his 2021 investment of $140 million for 73 projects. The company is likely to spend over $1 billion on investments and potential acquisitions this year.
CZ’s exchange has proven to be one of the sturdiest in terms of riding the struggling wave that hit the market this year. The crypto market was hit with a major storm this year as the crypto bear market hit and also the collapse of the Terra ecosystem followed.
Many businesses battled to survive, some had to shut down while others went bankrupt. However, Binance was acting intelligently and had also hired staff when other companies were making major layoffs.