CEO Changpeng Zhao, commonly known as “CZ”, announced via Twitter that Binance is heavily investing in DeFi or decentralized finance.

“Binance is heavily investing in DeFi (not financial advice),” his tweet read.

Previously, CZ announced that the company will spend more than $1 billion on potential investments and acquisitions this year. According to Binance, DeFi and NFT projects are among the good options.

According to Binance, as previously revealed by CZ, choosing DeFi and NFT is a safer approach.

While in an interview with Bloomberg on Oct. 8, CZ confirmed that Binance has spent more than $1 billion to invest in the quarter of 2022.

At the beginning of October, Binance invested $325 million in 67 projects like Aptos or Sui. Along with that, the company has also spent $200 million to invest in the Forbes media company.

Furthermore, Binance has also contributed $500 million to the plan to buy billionaire Elon Musk’s Twitter.

According to Binance, compared to 2021, the company has only spent $140 million on 73 projects, even though the crypto winter has lasted longer than expected. He shows that Binance investments have increased significantly, along with the size of the investments.

Other investments made by Binance include the NFT ecosystem and fan tokens, along with traditional payment service providers.

Binance is the largest cryptocurrency exchange on a global scale. It offers a platform with more than 350 cryptocurrencies to trade, 120 million users and a 24-hour trading volume worth $76 billion. The exchange is one of the few that remains strong and continues to trade during extreme market conditions.

Binance also launched a $500 million fund on Oct. 14 for private and publicly traded bitcoin miners who are unable to cope with the ongoing downturn in crypto market conditions.

According to Blockchain.News, bitcoin miners who apply for loans with Binance Pool, the company’s mining service, must pledge security to obtain loans for 18 to 24 months. Securities can be in the form of physical or digital assets.

The Bitcoin fund for miners has followed in the footsteps of Chinese crypto billionaire Jihan Wu, the founder of Bitmain, who created a $250 million fund to buy distressed assets from Bitcoin miners in September.

In another major development for the cryptocurrency exchange, Binance Chain (BNB) has successfully cleared approximately 2,065,152.42 BNB or $548 million worth of BNB following its quarterly release on October 14, 2022.

The move has not affected the market relatively, according to Blockchain.News.

The exchange also stated that an additional 4,833.25 BNB was part of the burn through its Pioneer Burn Program, a burn program that favors those who actually lost their digital assets.

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