In the wake of increased regulatory scrutiny, Binance corporation has sought to diversify its revenue streams. They want to increase crypto adoption further by acquiring traditional companies in “every economic sector.”
Further, Binance corporation is looking to diversify its business interests by acquiring companies outside the scope of cryptocurrency.
[Report from the Financial Times]
“We want to identify and invest in one or two targets in every economic sector and try to bring them into crypto,” said Binance corporation’s CEO Changpeng Zhao, affectionately known to his 5.3 million Twitter followers as ‘CZ’.
Already holding the title of the world’s largest crypto exchange, Binance Corporation is aiming to bring in companies from traditional markets. Further, they want to further increase broad-scale crypto adoption and diversify its own business.
In the interview, Zhao went on to say that nudging traditional companies to embrace crypto will put pressure on the slow-movers and increase overall market competition.
Binance Corporation is Not a New in Business!
This announcement comes not long after Binance’s corporation’s monumental $200 million investment in publisher Forbes, in early Feb. This investment has already solidified the Binance corporation as one of the two largest owners of the media company.
These moves continue to demonstrate the burgeoning real-world power of the cryptocurrency industry more broadly. Therefore, Binance is continuously growing to an estimated valuation of approximately $300 billion. We can say this is also one of the reasons why Changpeng Zhao is the 11th richest man in the world.
In addition, Crypto exchanges have previously plastered their logos on stadiums and stolen the show at the Super Bowl. They have acquired a significant stake in a legacy media company like Forbes that positions Binance Corporation as a serious player in acquisitions and investments.
Binance has dabbled before in buying assets and companies that sit outside of its immediate core business. Also, previously they have tacquired crypto data website CoinMarketCap in Apr. 2020, as well as purchasing a majority stake in the card-payment services giant Swipe in late Dec. 2021.
