“The strategy is about making the crypto industry bigger,” CEO Changpeng Zhao said.
Binance, the world's largest cryptocurrency exchange, intends to acquire more non-crypto companies in order to broaden the appeal of digital assets, according to CEO Changpeng "CZ" Zhao in an interview with the Financial Times.
"We want to identify and invest in one or two targets in each economic sector, and then try to bring them into crypto," Zhao explained. "The strategy is to grow the cryptocurrency industry."
Binance invested $200 million in Forbes, a U.S. publication seeking to list on the New York Stock Exchange, in February.
- It has also been investing in crypto assets, with its Bifinity unit lending $36 million to Eqonex this week in the form of a loan convertible into an equity stake.
- Eqonex is the parent company of Digivault, which became the first cryptocurrency custody firm to receive regulatory approval from the United Kingdom's Financial Conduct Authority last year (FCA). The FCA expressed its dissatisfaction with the arrangement.
- The FCA was also concerned about Binance gaining access to the UK's Faster Payment Service through a February agreement with payments group Paysafe.
- Following a barrage of criticism from regulators around the world last year, the exchange has begun to hire compliance personnel. According to the Financial Times, it now employs 70 people in the United Kingdom, with many of them working in regulatory roles.
DISCLAIMER
The author's or anyone else's views or opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading in crypto assets carries a financial risk.
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