Binance Announces $1 Billion Target For Crypto Recovery Fund Project
Binance is aiming for a $1 billion crypto recovery fund project for projects on the verge of liquidation that have a strong standing in the crypto space.
This fund will also be open to donations from other industrial sectors and players.
CEX Binance To Act As A Fort
Changpeng Zhao, CEO of Binance, has set a $1 billion goal for the launch of his crypto recovery fund for enterprises and exchanges on the verge of bankruptcy. CZ remarked in a recent interview that if this fund is insufficient, the exchange will step in and provide more funds to compensate for the shortfall.
CZ is a well-known personality in the cryptocurrency sector, aiding in the growth and development of the space. As a result of his efforts in this community, he is well on his way to establishing himself as one of the important figures who will propel the crypto economy to its establishment.
Since the beginning of the FTX issue, CZ expressed worries about the alleged affiliation of the FTX with regulators, which had inadvertently led Binance to liquidate all of the FTT tokens it had in its possession.
A $1 billion Recovery Fund
After FTX crashed, Binance opted in to save the day and salvage the crash, but the exchange eventually opted out of this initiative.
The FTX catastrophe shook the market, with token values dropping, investors losing money, bitcoin miners suffering greatly, and exchanges suffering from liquidation. The crash had a significant impact on the market this crypto winter.
CZ declared his plan to launch this crypto recovery fund in the aftermath of this market instability to assist revitalize the market and to aid projects that are relatively solid but on the verge of liquidation.
He further claimed that he will make this fund available to individuals and companies who share his objective to assist the crypto market recover its footing. He also directed enterprises who believe they may require this fund’s assistance to contact Binance labs for further information and directives.
CZ has maintained his bullish stance throughout the crypto winter, noting that he expects the market will recover quickly.
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