Binance has been working to increase its customer base and influence across several sectors.
A recent report has revealed that the firm is investing heavily in Mergers and acquisitions (M&A) as part of its expansion plans.
Binance chief business officer Yibo Ling, who joined the firm in November 2022, plays a vital role in actualizing these goals.
Ling outlined the exchange’s growth plans, focusing on VC-backed strategic mergers and acquisitions.
Binance Growth and Expansion Strategies
During an Interview at Consensus 2023 held in Austin, Texas, Yibo Ling explained his job as the business development officer.
According to Ling, his attendance at the Consensus conference is part of Binance’s strategy to seek new projects to invest in.
He noted that Binance’s VC arm, Binance Labs, aims to expand by gripping hands on as many projects as possible.
Binance Labs operates with the notion that a rising tide lifts all boats, so the more the investment, the more the impact.
Binance Labs aims to invest in growth and early-stage companies through seed and Series A funds.
The exchange wants to improve lives through Web3 and blockchain technology while growing its customer base, Ling revealed.
However, it’s not a charity endeavor, as the crypto exchange places return metrics and ROI from these partnerships in high regard.
According to Ling, Binance’s portfolio is valued at about $9 million and constitutes mainly early and growth-stage venture capital investments.
The executive emphasized that Binance does not exit its investments since its mission supports long-term holdings.
The firm has over 200 portfolio companies in every continent aside from Antarctica and still counting.
According to Ling, Binance’s VC arm also embarks on direct investments besides the incubation projects.
The crypto giant intends to fill geographical gaps and increase its customer base by acquiring more firms across diverse economic sectors in every continent.
Binance Keen On Expansion and Diversification Plans
The latest disclosure by Ling aligns with a March 2022 report by the Financial Times.
According to the report, the exchange plans to diversify its business by acquiring companies beyond the tentacles of cryptocurrency.
The exchange’s CEO Changpeng Zhao alia CZ confirmed this in a note to his over 8.4 million followers on Twitter.
In his tweet, CZ said his team wants to identify and invest in one or two firms in every economic sector and incorporate them into crypto.
In an interview, the CEO noted that bringing traditional firms to crypto will spur and motivate slow-movers, increasing overall market competition.
Notably, Binance acquired a $200 million stake in Forbes, one of the largest media companies, as part of its strategy to promote Web3 technology.
Read the full article here