Binance in Discussions With Sovereign Wealth Funds, Musk Tweets In!

Binance in Discussions with Sovereign Wealth funds, Musk Tweets in!
  • Zhao is the most significant shareholder in Binance.
  • The Binance Twitter handle replied to Musk, explaining it’s a glitch.

According to Binance CEO Changpeng Zhao, the company is discussing with sovereign wealth funds about purchasing a stake in the world’s largest cryptocurrency exchange. According to Zhao, besides raising financing via its US subsidiary, Binance talks with numerous sovereign wealth funds, which also founded the cryptocurrency exchange. He did not say which funds the company was in discussions with.

The value of cryptocurrency exchanges has increased in recent months, reflecting the surge in popularity of bitcoin and other cryptocurrencies. Coinbase, the world’s first publicly listed cryptocurrency exchange, was founded earlier this year and valued at $76 billion. In comparison, FTX raised $25 billion, a significant increase from the $1 billion in February 2020.

Zhao is the most significant shareholder in Binance. Vertex Ventures, the venture capital arm of Temasek, assists with the company’s operations in Singapore. According to the cryptocurrency entrepreneur, after growing from $10 to $30 billion per day two years ago, the network records daily transaction volumes of $170 billion. Zhao claims that the revenue run rate is “in the billions.”

Binance is on the lookout for a new global headquarters in Singapore and Dubai, among others. On the other hand, government regulators have expressed concern about numerous of the company’s high-risk financial offerings, particularly its derivatives trading.

Technical Glitch

Tesla CEO Elon Musk has posted a tweet. Asking Zhao about how everything is going with the Doge customers. Musk has been known for his influential tweets causing massive price fluctuations in the crypto world. The tweet aimed at the technical difficulties that caused doge owners on Binance not to be able to withdraw funds.

The Binance Twitter handle replied to Musk, explaining it’s a glitch, and they are working on it. Musk replied that this is not something the Doge users must face as it’s not their fault. Zhao intervened and pointed out through an article where tesla had a software glitch and had to recall a large number of its cars. Zhao also mentioned it’s an issue with the new Doge wallet, and the developers are working on it. Only time will tell what impact this tweet will have on Binance and Doge prices.

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