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Binance Targets $1B Recovery Fund for Distressed Crypto Assets: Bloomberg
The Binance fund will be open to contributions from other industry players.
Updated May 9, 2023, 4:03 a.m. Published Nov 24, 2022, 8:23 a.m.
Binance is targeting $1 billion or more for a previously announced recovery fund to buy distressed crypto assets, CEO Changpeng Zhao said in an interview with Bloomberg Television on Thursday.
“If that’s not enough we can allocate more,” Zhao said, according to the news outlet.
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The exchange CEO has been a key figure in the industry the last few months, cementing his position as a key leader, after the fall of FTX and its CEO, Sam Bankman-Fried. Earlier this month, Zhao raised concerns about FTX on Twitter and ditched a plan to acquire it to save it from its financial troubles.
The fallout of FTX's bankruptcy has been felt deeply across the entire industry, leading to other companies like lender BlockFi reportedly preparing for bankruptcy.
Last week, Zhao announced that Binance would be launching a recovery fund "to help projects who are otherwise strong, but in a liquidity crisis."
The exchange will follow a "loose approach where different industry players will contribute as they wish," he said on Thursday. A detailed blog post will come soon.
Read more: Binance Starts Recovery Fund for Crypto Projects Facing Liquidity Crisis
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