Binance to invest in other non-crypto businesses following Forbes deal
Binance is reportedly looking to invest in several mainstream companies as a way of fostering greater crypto adoption in traditional business circles.
The crypto exchange giant plans to invest in one or two firms across several business sectors, CEO Changpeng Zhao said in an interview with the Financial Times on Wednesday. According to Zhao, the aim of this investment spree is “to bring them into crypto.”
In February, Binance acquired a $200 million stake in Forbes, a publication that once sued the exchange giant for defamation. Going by Zhao’s comments, Binance will continue to pursue investments into other entities that operate in the mainstream business arena.
Binance’s core business is a crypto exchange platform that supports peer-to-peer, spot and derivatives trading for hundreds of cryptocurrency pairs. The Block’s Data Dashboard shows over $420 billion in crypto trading volume for Binance in February. According to Zhao, 90% of the company’s revenue comes from the fees levied on these trading activities.
Amid this dealmaking spree, the company is attempting to smooth regulatory wrinkles with authorities across different countries. Zhao himself recently met with politicians in the UK and made the case for more collaborative efforts between the company and policymakers.
