CZ: Binance to Expand Into “Every Economic Sector”

The world’s largest crypto exchange by far is looking to establish itself and digital assets as an integral part of all economic sectors.

In an interview with Financial Times, the chief executive officer, Changpeng Zhao, said, “We want to identify and invest in one or two targets in every economic sector and try to bring them into crypto.” He further noted that establishing digital assets as a greater part of even one company in other industries helps to push forward the digital assets industry, increasing competition and upping the pressure other companies in that industry might experience to incorporate crypto assets into their business. 

Nevertheless, the crypto giant’s CEO emphasized 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 for that to take place. He said, “The strategy is about making the crypto industry bigger.” 

Binance, last month invested $200 millionIn Forbes ahead of the media company’s plans to be listed on the public markets via a special purpose acquisition company. Binance became one of the most important investors in this investment. Forbes’ largest two investors, and it bestowed two director positions on the company’s board of executives to the crypto exchange. 

That was a major move in Zhao’s quest to expand into other industries, and investments in retail, ecommerce, and gaming are expected to come next, according to Zhao.

Binance has come under severe regulatory scrutiny. The firm faced numerous problems throughout last year. European UnionThe United StatesThe United Kingdom, Hong KongYou can find it here and elsewhere. Zhao continued to be vocal throughout the entire year because of this. He was elected to the Senate in July. Noted that “compliance is a journey” and expressed optimism that increased regulatory oversight was actually a sign that the crypto industry was advancing. The Next month, he announced Binance’s strategic shift to “proactive compliance.” 

In addition to Binance’s planned buying spree, Zhao remarked of the firm’s hiring spree as well, with a focus on hiring compliance, enforcement, and regulatory professionals. 

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