Binance plans to invest in many other businesses outside of the crypto industry

Binance Futures Plans

Binance – the largest cryptocurrency exchange in the world by far is looking to position itself and digital assets become an integral part of all economic sectors.

In an interview with the Financial Times, CEO Changpeng Zhao said:

“We want to identify and invest in one or two goals in every economic sector and try to get them into crypto.”

He also further noted that establishing digital assets as a larger part of a company in other industries will help propel the crypto space to grow, increasing competition and the pressure that companies face. other companies in that industry may encounter, and incorporate crypto assets into their business.

However, the CEO emphasized that his goal is not to turn Binance into a “conglomeration” but to facilitate the integration of crypto assets into other economic sectors by providing a necessary infrastructure.

“This strategy aims to make the crypto industry bigger.”

Last month, Binance invested $200 million in Forbes ahead of the media company’s planned public listing through a special-purpose acquisition company. This investment has made Binance one of Forbes’ two largest investors, and it holds two director positions on Forbes’ executive board.

This marks a major step forward in Zhao’s quest to expand into other industries, and investments in retail, e-commerce, and gaming are expected to follow.

Binance has faced rigorous regulatory scrutiny. Last year, the company ran into problems across the European Union, the United States, the United Kingdom, Hong Kong, and other geographies. In July of the same year, Zhao noted that “compliance is a journey” and expressed optimism that increased regulatory oversight is indeed a sign that the crypto industry is growing. The following month, he announced the change of Binance’s strategy to “proactive compliance”.

Additionally, Zhao said the exchange will focus on recruiting for compliance, enforcement, and regulatory positions.