Changpeng Zhao announced the launch of “industry recovery funds” to revive the projects which collapsed because of the liquidity crisis.
Binance is a first-ranked crypto exchange, known for its quality crypto services in the crypto sector. Binance exchange is not only engaged in the crypto sector as a crypto trade platform, but it also helps to push the crypto & blockchain education in the world so that people can understand this innovative industry more deeply & can easily adopt.
On 14 November, Changpeng Zhao, CEO & founder of Binance exchange, announced the launch of a “recovery fund” to help those crypto projects which are strong with their business model concept.
Zhao said that to reduce the cascade effect that arose because of the “FTX exchange liquidity crisis”, Binance is launching a fund where qualified investors can participate as a co-investor of the fund.
The exchange will soon release more detailed information regarding this “crypto fund” but for now contributors can contact Binance Labs, a subsidiary of Binance which handles the management & investment of the funds.
Justin Sun, the founder of the popular Proof-of-stake blockchain network Tron, also supported this initiative of Binance exchange & confirmed that he is with him to help the crypto projects to recover from this situation.
Binance under a big loss with the FTX token
FTX token (FTT) is the native token of the FTX crypto exchange and this exchange now collapsed and proceedings for a bankruptcy filing under Chapter 11.
Binance exchange holding a big bag of FTT. Before the downfall of the FTX exchange, the value of FTT holdings in the Binance bag was approximately $500 million but the exchange decided not to sell when FTX co-founder Sam Bankman-Fried (SBF) requested.