Crypto exchange Binance is aiming for a $1 billion fund for the potential purchase of distressed digital assets, according to CEO Changpeng Zhao (CZ) in an interview.
CZ hinted that more funds could be allocated, saying, “If that’s not enough, we can allocate more.”
Last week, Zhao announced plans for an industry recovery fund to aid strong projects facing a liquidity crunch.
Zhao stated a blog post about the fund will be published soon and that Binance has spoken with a number of industry players about it. “We are going with a loose approach where different industry players will contribute as they wish,” he stated.
Disclaimer: The information researched and reported by The Crypto Times is for informational purposes only and is not a substitute for professional financial advice. Investing in crypto assets involves significant risk due to market volatility. Always Do Your Own Research (DYOR) and consult with a qualified Financial Advisor before making any investment decisions.
