As crypto continues to sail through the financial space, Binance, the world’s largest cryptocurrency exchange is set to pave the way for new developments with its upcoming plans. In a report by the Financial Times, the exchange is looking forward to diversifying its interests by investing in projects outside the realm of cryptocurrencies. With these highly-anticipated initiatives, Binance is striving to expand the global crypto community by pulling in new entities into the decentralized ecosystem through phased acquisitions and partnerships with non-crypto companies.
With his expert vision and untiring efforts aimed towards the development of cryptocurrencies, Changpeng Zhao, the CEO of Binance, has managed to establish the brand as a global leader. His craze for crypto and his constant trust in its potential has made him emerge as one of the most prominent personalities within the cluster. In his latest interaction, Zhao said that his team wants to identify and invest in one or more projects in multiple economic domains. He aspires to bring them on board in an attempt to encourage crypto adoption and diversify the Binance ecosystem.
#Binance is taking a $200 million stake in @Forbes.
“This is the first step into a marketplace that has really high potential when it comes to adoption of Web 3.0 based tools”https://t.co/mDIRMHC4dT
— Binance (@binance) February 10, 2022
The exchange team is attempting to collaborate with strong players from different industrial fields and employ their expertise in strengthening crypto. The spearhead added that the integration of traditional market players to accept crypto will put pressure on the firms and increase the level of competition in the industry. The announcement comes right after Binance’s whopping investment of $200M in global publishing giant, Forbes. The deal was locked in February 2022 and made Binance emerge as one of the two biggest owners of the media firm. The team is also looking to get a license from Dubai regulators to kickstart services in the fast-emerging crypto market of the country.
The humongous success of the crypto industry has made Binance reach an estimated value of nearly $300 billion and brought Zhao stand tall as the 11th richest man in the world. Amid all this, Binance is also reeling under constant pressure from regulators across the globe for giving faulty services. The firm is expanding its revenue streams from outside companies to fuel its core business operations.
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