​​Changpeng Zhao: Binance could spend over $1B on deals in 202 | Crypto_NFT

​​Changpeng Zhao: Binance could spend over $1B on deals in 2022

The head of Binance, Changpeng Zhao, told Bloomberg about the plans of the bitcoin exchange to allocate more than $1 billion for investments and acquisitions of companies in the crypto industry in 2022.

“We've been watching a lot of lenders in recent months because that's where [in this segment] all the problems are. Many of them simply take the user's money and give it to someone else. There is not much intrinsic value in this. In that case, what should you buy? We want to see real products being used by people,” he explained.

Binance has already committed $325 million to 67 projects in 2022, up from $140 million to 73 companies last year, Zhao said. The figure does not take into account the $200 million investment in Forbes and the $500 million funding to Elon Musk to acquire Twitter.

The CEO of Binance also said that the company remained profitable in 2022, but did not elaborate on specific results.

“During the bear cycle, we will see more market consolidation. There are many risks and many pains, but also many opportunities,” Zhao said.

He added that the corporation has a $7 billion fund and a mergers and acquisitions team of 30 employees.