Binance has begun the process of expanding its influence in several sectors by acquiring existing businesses. According to a report by Financial Times, the notable crypto exchange intends to spread its tentacles to other industries outside the crypto space.
Changpeng Zhao, the CEO of Binance announced,
“We want to identify and invest in one or two targets in each economic sector and try to bring them into crypto.”
Binance is considered one of the largest crypto exchanges, catering to multiple countries and providing a myriad of crypto services.
CoinMarketCap places its 24-hour market volume at $79,582,420,191.99.
Though it is well-known in the crypto space, Binance has begun to participate in other sectors to accelerate the widespread adoption of cryptocurrencies.
In an interview with the Financial Times, Zhao stated that Binance’s activities would encourage the traditional world to adopt cryptocurrencies, resulting in greater market competition.
Binance has begun its plans by investing $200 million in Forbes, making it one of the
owners of the notable publication.
The decision is hardly surprising, given the crypto exchange has always been in the business of acquiring assets that increase its influence. For example, it purchased the crypto data website CoinMarketCap in April 2020.
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