Binance prepares for purchases and will acquire e-commerce and game companies
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Binance, one of the largest cryptocurrency companies in the world, is preparing to buy a series of companies that are or are not related to the cryptocurrency universe.
Binance’s shopping spree can involve e-commerces, financial companies and game producers. The company recently invested $200 million in Forbes, one of the world’s largest communications companies.
Binance CEO Changpeng Zhao (CZ) told the media that the Cayman Islands-based exchange will choose deals that will integrate various economic sectors into the cryptocurrency.
As revealed by CZ, With its aggressive drive for acquisitions, Binance intends to diversify its business. The company continues to rely heavily on trading fees, which account for around 90% of its results.
While it is unclear where Binance will place its bets, Zhao claims they will target sectors such as gaming and e-commerce.
Furthermore, it is unclear how the acquisitions will be integrated into Binance. In October of last year, the company became the target of a global regulatory offensive. Regulators in several countries have issued warnings about the exchange.
Binance survived the attacks by taking a proactive stance towards compliance. However, it is still accused of making light of regulation.
Binance is currently in talks to license in Dubai. CZ recently touted the city’s virtual assets law as a “big step forward” on Twitter.
On the heels of new services, Binance recently announced its own payments technology company called Bifinity.
Bifinity will act as the exchange’s official fiat-to-crypto payment provider. It supports a number of cryptocurrencies as well as traditional payment networks such as Visa and Mastercard.
According to Helen Hai, president of Bifinity, the company will drive the adoption of cryptocurrencies in the world.
“As the cryptocurrency and Web3 economy continues to grow, we see greater demand to build improved fiat-to-crypto access ramps to bridge the gap between the traditional financial sector and the crypto economy,” she said.
