Binance founder: The market is now more balanced to increase its investment

Changping Zhao, CEO and co-founder of Binance, the world’s largest cryptocurrency exchange, says he sees the time for his company to increase its investment in acquisitions as well as hiring, as it seeks to invest in talent as well, according to a Bloomberg report.

“We have a reserve fund to fund projects in very good shape,” Binance CEO said via video link at the Consensus 2022 conference, when asked about the recent hiring freeze at rival Coinbase.

He added that his company is also “going to a high level in terms of merger and acquisition activity.”

Zhao said Binance was frugal and avoided big promotional spending on ads during the Super Bowl, the most watched game of the American football season in the United States, and during which ads cost a lot of money, or naming rights to sports venues. .

Competing exchanges recently put their names on the Crypto.com Arena and FTX Arena, which host several NBA franchises as well as other events. Coinbase was among the advertisers of the Super Bowl, and not only that, but it was a prominent sponsor of the NBA games.

“During the period of rising markets, everyone starts their own projects, and everyone pays ridiculous compensation,” Zhao said in an interview during the conference. He added that the market is now more balanced, “and if we are living in the phase of the cryptocurrency market decline, we will benefit from that, and we will take advantage of it to the maximum.”

Binance is also looking to increase its investment in other companies, investing $200 million in Forbes, which Zhao explained is a strategic move to help drive blockchain adoption in more sectors.

Cryptocurrencies are currently experiencing a decline in prices and a decline in their value, with the value of Bitcoin, the most popular cryptocurrency ever, at about $ 23,300 at the time of writing, after it remained for a period within the $ 30,000 range.

It is noteworthy that Bitcoin had exceeded its value of $ 68,000 during the past year 2021, before it began to decline gradually over the months that followed that golden period for the currency.

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