CZ: Binance will expand to “all economic sectors”

Key points to remember

  • Binance CEO Changpeng Zhao noted the exchange’s plans to expand its investments outside of the crypto industry.
  • He said Binance is targeting one or two companies “in every economic sector” to establish digital assets as part of their business model.
  • This follows his $200 million investment in Forbes as well as the plethora of regulatory difficulties he has faced.

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Binance intends to invest in many other businesses outside of the crypto industry. Last month, the company took a $200 million stake in the US publication Forbes.

Binance’s Future Plans

The largest crypto exchange in the world is by far looking to establish itself and make digital assets an integral part of all economic sectors.

In an interview with FinancialTimes, the company’s CEO, Changpeng “CZ” Zhao, said, “We want to identify and invest in one or two targets in each economic sector and try to integrate them into crypto.” He further noted that establishing digital assets as a larger part of a single business in other sectors helps drive the digital asset industry forward, increasing competition and increasing the pressure that d Other companies in this industry might suffer to incorporate crypto assets into their business.

Nevertheless, the crypto giant’s CEO stressed that his goal was not to turn Binance into a “conglomerate” but rather to facilitate the integration of crypto assets into other economic sectors by providing the necessary infrastructure so that it happen. He said, “The strategy is to make the crypto industry bigger.”

Last month, Binance invested $200 million in Forbes upstream of the media company’s plans to be listed on the public markets via an ad hoc acquisition company. This investment made Binance one of the Forbes’ two largest investors, and he granted two director positions on the company’s board of directors to the crypto exchange.

It was a major step in Zhao’s quest to expand into other industries, and investments in retail, e-commerce and gaming are expected to follow, according to Zhao.

Binance has been under severe regulatory scrutiny. Last year, the company had problems throughout the European Unionthe United Statesthe UK, hong kong, and elsewhere. This prompted Zhao to remain vocal throughout the year. In July he Noted that “compliance is a journey” and expressed optimism that increased regulatory oversight was actually a sign that the crypto industry was moving forward. the next monthhe announced Binance’s strategic shift to “proactive compliance”.

In addition to Binance’s predicted buying spree, Zhao commented on the company’s hiring spree, saying it would focus on hiring for compliance, enforcement, and regulatory roles.

Disclosure: At the time of writing this article, the author of this article owned BTC, ETH, and several other cryptocurrencies.

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