In an interview with Bloomberg on November 24, Binance CEO Changpeng Zhao (CZ) said the firm intends to allocate $1 billion for a proposed industry recovery fund.
According to CZ, the fund would have a “loose” structure and be publicly visible on the blockchain, with other industry players also able to contribute.
One day later, on November 25, CZ revealed that Binance allocated another $1 billion to the fund.
The fund is an attempt by Binance to keep the crypto industry afloat after controversial entrepreneur Sam Bankman-Fried’s exchange FTX filed for bankruptcy earlier this month.
Around 150 companies have already applied for support from the fund, Binance said in its blog.