Binance plans to invest in non-crypto companies
Changpeng Zhao, CEO of the Binance crypto exchange, said such an investment aims to expand the crypto industry's influence on the traditional financial system.
In an interview with the Financial Times, Changpeng Zhao says he plans to invest in several companies in each sector of the economy and further try to attract them to the crypto industry. He believes it can accelerate the adoption of blockchain technology and cryptocurrencies everywhere.
Recall that earlier crypto exchange has already invested $200 million in the Forbes media holding. Money will be used to help the company to enter the stock market.
Binance is the world's largest cryptocurrency exchange in terms of trading volume (about $2 billion daily). It was founded in 2017 by Changpeng Zhao, and in a couple of years it has grown into an entire blockchain ecosystem representing the whole spectrum of cryptocurrency products and services. These include a decentralized exchange (Binance DEX), a public blockchain with fast execution (Binance Chain) with an add-on for smart contracts and Ethereum support (Binance Smart Chain), an infrastructure development fund (Binance Labs), an information website (Binance Info), a training center (Binance Academy), a research center (Binance Research), and a nonprofit organization for achieving sustainable development goals (Binance Charity Foundation).
Trading volume: $27.9 billion.
Number of trading pairs (markets): 1643
Legal status: registered in the Cayman Islands
Fiat currencies: over 43 (including USD, EUR, CAD)