Binance unveils plans for world domination by buying up companies in every sector
Binance is looking to diversify its business interests by acquiring company’s 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, affectionately known to his 5.3 million Twitter followers as ‘CZ’.
Already holding the title of the world’s largest crypto exchange, Binance is aiming to bring in companies from traditional markets in an attempt to further increase broad-scale crypto adoption and diversify its own bushiness.
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 Feb, solidifying Binance as one of the two largest owners of the media company.
#Binance is taking a $200 million stake in @Forbes. “This is the first step into a marketplace that has really high potential when it comes to adoption of Web 3.0 based tools”https://t.co/mDIRMHC4dT
These moves continue to demonstrate the burgeoning 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 richest 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
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