Binance’s Outstanding Journey in the Crypto Industry
Changpeng Zhao has laid out the path and features that have propelled Binance to its enormous success since its launch. The exchange has rapidly become a household name in the cryptocurrency world, and it’s hard to believe it all began in 2017. Its extraordinary journey and growth have solidified Binance’s place as one of the world’s top crypto exchanges.
In a Twitter post, ‘CZ’ revealed that Binance is now investing significantly in DeFi projects.
Binance DeFi-ге көп инвестиция салуда.
(қаржылық кеңес емес)
— CZ ?? Binance (@cz_binance) October 23, 2022
The platform supports a broad range of cryptocurrencies, offering over 350 coins and tokens for trading. The exchange’s remarkable success has earned the trust of over 120 million users globally, contributing to its $76 billion in 24-hour trading volume. Despite the challenging market conditions in the crypto space, Binance continues to grow with more hires and partnerships. The company has also secured regulatory approvals in various jurisdictions, further bolstering its reputation.
Binance’s Growth and Investment Rush
In a recent interview, Binance’s CEO announced that the company plans to invest over $1 billion in acquisitions and investments in 2022. The firm has already committed over $325 million to 67 projects this year, including investments in Aptos and Sui. This year, the focus has been on DeFi and Non-Fungible Tokens (NFTs) rather than struggling digital assets.
Чжаоның айтуынша, Binance is also preparing to invest $200 million in the Forbes Media Group. He emphasized that this partnership is crucial for educating consumers about the crypto industry. Additionally, Binance is gearing up to support Elon Musk’s Twitter acquisition with $500 million in funding.
Although Binance has yet to disclose further details about its investment strategies, ‘CZ’ has previously mentioned that he evaluates investments based on real-world applications.
Compared to 2021, Binance has significantly increased its investment volume, with the firm spending $140 million on 73 projects last year. Despite the crypto winter’s persistence, Binance has ramped up its investment activity and increased its financial commitments.
The crypto giant has also made investments in the NFT ecosystem, fan tokens, and traditional payment service providers.
Binance Pool’s $500 Million Fund for Bitcoin Miners
In another strategic move, Binance has launched a $500 million fund aimed at helping Bitcoin miners, both publicly and privately listed, who are struggling with the current crypto bear market. The fund will provide loans through Binance Pool’s mining services. Bitcoin miners can apply by offering collateral and securing loans with terms of 18 to 24 months. Binance has stated that both physical and digital assets can be used as collateral.
This initiative mirrors Bitmain’s approach, which launched a $250 million fund to help distressed Bitcoin miners in September. Similarly, Maple Finance, a DeFi platform, is offering loans to miners at a 20% interest rate, while GrayScale is helping investors acquire Bitcoin mining equipment at discounted prices.
The ongoing crypto market downturn and Ethereum’s shift to Proof-of-Stake have posed challenges for miners. In response, Binance Pool has launched a mining pool for ETHW, a coin that maintains Ethereum’s original Proof-of-Work mechanism.
Binance Chain’s Burn to Help Users
In another noteworthy development, Binance Chain (BNB) completed the burning of approximately 2,065,152.42 BNB on October 14, 2022, representing $548 million worth of BNB coins.
The exchange also used its Pioneer Burn Program to destroy an additional 4,833.25 BNB. This program was introduced to assist users who had genuinely lost their digital assets.
