Binance voices plans for world domination by buying up companies in every sector
Binance is looking to diversify its business interests by acquiring companies outside the scope of cryptocurrency, according to a 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 CEO Changpeng Zhao.
Already holding the title of the world’s largest crypto exchange, Binance is aiming to bring in companies from traditional markets trying 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.
This announcement comes not long after Binance’s monumental $200 million investment in publisher Forbes in early February, solidifying Binance as one of the two largest owners of the media company.
These moves continue to demonstrate the blossoming real-world power of the cryptocurrency industry more broadly, which has seen Binance grow to an estimated valuation of approximately $300 billion and established Changpeng Zhao as the 11th wealthiest man in the world.
While crypto exchanges have previously plastered their logos on stadiums and stolen the show at the Super Bowl, acquiring such a significant stake in a legacy media company like Forbes positions Binance 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, having acquired crypto data website CoinMarketCap in April 2020 and purchasing a majority stake in the card-payment services giant Swipe in late December 2021.
In terms of diversifying revenue, scooping up traditional businesses outside of digital assets seems to be a wise move, 90% of which is currently sourced from trading fees on its exchange, according to CZ.