According to the Financial Times, the world's leading cryptocurrency exchange Coinan is diversifying its business by acquiring companies outside the scope of cryptocurrencies. Changpeng Zhao, CEO of the cryptocurrency exchange, said they intend to detect and invest in one or several targets in each financial sector and try to make them a part of the cryptocurrency community.
The exchange has become the world's largest cryptocurrency venue beforehand, and Cryptocurrency is looking to take cryptocurrency adoption to an even higher level while diversifying its business. Zhao mentioned in the interview that pushing traditional companies to adopt cryptocurrencies will put pressure on others that have not yet entered the space, and overall competition will increase to a large extent.
The announcement was witnessed sometime in early February after the exchange made a huge investment of up to $200 million in Forbes, strengthening Binance's position as one of the several largest holders of the media giant. These steps continue to point to the real-world potential of the cryptocurrency industry in a broader sense, and as a result Binance's assessed valuation has approached the $300B figure, putting Zhao Changpeng in 11th place among the richest people around the world.
While these logos have previously been plastered all over stadiums with cryptocurrency exchanges and the purchase of ad space in the Super Bowl, gaining such a prominent position among media giants like Forbes has made CoinAmerica a well-known name in the investment and acquisition space.
The cryptocurrency exchange experimented before buying assets and premises next to its immediate main business, having previously acquired CoinMarketCap (a website displaying cryptocurrency-related data) in April 2020 and purchased a majority stake in Swipe (a major credit card payment facility provider in late December 2021).
Three days ago, the UK FCA (Financial Conduct Authority) announced a strategic partnership between Bitfinity (the in-house provider of Coin's credit card payment facility) and Eqonex (the investment firm), considering approximately $36 million as a convertible loan to expand the company's offerings, including Digivault (the platform currently registered under the FCA).