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Crypto Reporter

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Binance launches recovery fund for distressed crypto assets

November 26, 2022 By Crypto Reporter

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.

More news:

  • Binance launches $1 billion fund to accelerate Binance Smart Chain adoption
    Binance launches $1 billion fund to accelerate Binance Smart Chain adoption
    October 15, 2021
  • FTX launches $2 billion venture fund
    FTX launches $2 billion venture fund
    January 21, 2022
  • Binance receives crypto licence in Dubai
    Binance receives crypto licence in Dubai
    March 21, 2022
  • Binance partners up with GRAMMY Awards to be the official crypto provider
    Binance partners up with GRAMMY Awards to be the official crypto provider
    April 2, 2022
  • Hedge funds plan to to hold 7% of assets in crypto in coming years
    Hedge funds plan to to hold 7% of assets in crypto in coming years
    June 17, 2021
  • Binance acquires Japanese crypto exchange Sakura Exchange BitCoin
    Binance acquires Japanese crypto exchange Sakura Exchange BitCoin
    December 5, 2022

Filed Under: General News, Latest News, News Tagged With: Binance, cryptocurrency, news

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