Crypto exchange platform Binance intends to go on an acquisition spree of traditional companies in all economic sectors. The platform wants to bring companies that operate outside the crypto sector under its wing.
Changpeng Zhao (CZ), the CEO of Binance, said they want to identify and invest in one or two targets in each economic sector. Binance will then try to integrate the companies into the crypto sector.
This highlights Zhao’s $200 million investment in Forbes, a US-based publication, earlier this year. The deal gave Binance two seats on Forbes’s board of directors. Moreover, it made the crypto exchange one of the two largest owners of the century-old business magazine.
Analysts believe Binance wants to diversify its revenue streams, and explore crypto adoption in traditional markets simultaneously. However, Zhao said he is not trying to turn the platform into a conglomerate. He sees Binance venturing into the traditional industry as an opportunity to integrate blockchain technology into existing industries. Zhao wants to make the crypto industry “bigger”.
In 2020, Binance acquired CoinMarketCap – a cryptocurrency tracking portal, in December 2021, the platform acquired a major share in the Swipe – card payment service. Reports highlight that Binance presently dominates the crypto exchange ecosystem. It handled around $500 billion in spot crypto trading in the first quarter of 2022.