Binance to Form an Industry Recovery Fund to Aid the Crypto Industry

Following the collapse of crypto exchange FTX, Binance CEO CZ announced the exchange is forming an industry recovery fund to “help projects who are otherwise strong but in a liquidity crisis.”

To reduce further cascading negative effects of FTX, Binance is forming an industry recovery fund, to help projects who are otherwise strong, but in a liquidity crisis. More details to come soon. In the meantime, please contact Binance Labs if you think you qualify. 1/2
— CZ 🔶 BNB (@cz_binance) November 14, 2022

CZ is referring to “strong” projects in the ecosystem but is going through a liquidity crisis in the aftermath of the FTX collapse. CZ also welcomed other industry players to co-invest in this project if they have funds.

“Crypto is not going away. We are still here. Let’s rebuild,” CZ added.

Tron founder Justin Sun announced his support for this initiative by tweeting, “@trondao @HuobiGlobal @Poloniex echo @cz_binance’s initiative to participate in this industry recovery fund and help good builders and developers to recover from the crisis!”

Also Read: Binance Launches Medá in Mexico With A $53 Million Investment

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