The cryptocurrency winter has now lasted more than what the analysts and market experts had predicted. Due to the constant market downtrend, many cryptocurrency firms have resorted to either downsizing or decommissioning.
Binance Plans to Grow Bigger
Even some of the major entities linked with the world of cryptocurrencies such as Robinhood, WazirX, The Celsius Network, and many more have faced the impact.
Despite the market situation, Binance is determined to expand itself as it is planning to undergo developments. Binance has been going through so many developments that each time it does, it earns a spot in the headlines.
Exchange Continues to Make Investments
Binance, the largest exchange in the market in terms of trading volume has been carrying out acquisitions as well as making investments to gain more ground in the crypto industry.
As the market conditions have continued to grow worse, Binance has grown even more aggressive with its expansion and developments.
Binance Aims to Invest $1 Billion
Changpeng Zhao (CZ), the CEO and founder of Binance recently made a big announcement involving the exchange’s developments.
He revealed that the exchange is planning to go big in terms of its investments. He stated that by the end of 2022, they plan to invest around $1 billion in developments.
CZ stated that although their exchange has come a long way, there is still a long way to go and so much to achieve/build in the crypto-blockchain industry.
Therefore, they will continue investment in several development projects within the crypto-blockchain industry.
Binance Continues Profiting
CZ revealed that despite the market being bearish, they have continued generating profits. They will continue to do so in the upcoming days and are confident of the overall performance of their exchange.
He stated that at a time when most exchanges and crypto firms are trying to reduce their losses, their exchange is generating profits.
Although Zhao did not share any figures surrounding the profits they generated, he did mention that the numbers are significantly higher.
Investments Made by Binance
In the year 2021, Binance spent a high amount of $140 million. The large amount was spent by Binance on a total of 73 projects.
However, in the year 2022, Binance has invested in 67 projects and the amount invested already is $325 million. Luckily, for Binance the projects it has invested in so far have all proven to be quite profitable and successful.
As per CZ’s prediction, Binance may make major announcements in the upcoming months in terms of developments. The exchange is still $675 million behind in achieving its $1 billion goal by the end of 2022.
No matter the developments and investment, Binance’s native coin “BNB” may definitely profit from the exchange’s upcoming activities.