Cryptocurrencies

Binance May Spend Over $1 Billion This Year on Deals, CZ Says

Twitter, Forbes investments are highest profile transactions
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By Olga Kharif

October 7, 2022 at 12:13 PM UTC

This article is for subscribers only.

Binance Holdings Ltd. founder and CEO Zhao “CZ” Changpeng said the world’s biggest digital-asset exchange may spend more than $1 billion on acquisitions and investments this year despite what is shaping up to be a prolonged crypto winter.

Binance has committed $325 million to 67 projects so far this year, compared with $140 million for 73 projects in 2021. That doesn’t take into account a possible more than $200 million investment in the Forbes media company and $500 million in financing for Elon Musk’s on-again acquisition of Twitter Inc., which could carry into next year if it gets done at all.