TechFlow News, October 7 — According to Bloomberg, Binance founder CZ (Changpeng Zhao) said, "Despite what will be a prolonged crypto bear market, Binance may spend over $1 billion this year on acquisitions and investments. Binance has also been funding the NFT and fan token ecosystems, as well as traditional payment service providers. In the coming months, Binance may also be interested in acquiring minority stakes in traditional e-commerce and gaming companies. We have a $7 billion fund actively investing in deals, and a dedicated M&A team of more than 30 members. Overall valuations remain high. During this bear market, we’ll see more market consolidation—there’s a lot of risk and pain, but also many opportunities." Additionally, Zhao noted that despite most cryptocurrencies dropping more than 50% in price this year, Binance remains profitable in 2022, though he declined to provide further details. "NFT use cases are largely underdeveloped today—such as for tickets or university degrees—but I believe this technology is here to stay." It is reported that so far this year, Binance has committed $325 million to 67 projects, compared to $140 million allocated to 73 projects in 2021.
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