The world’s largest crypto exchange, Binance has $1 billion in a recovery fund to help troubled crypto assets.
Binance CEO, Changpeng Zhao, made this known on Bloomberg Television on November 24. He also promised to give more if not enough.
Last week, CZ announced that he would contribute money to a recovery fund “to help projects who are otherwise strong, but in a liquidity crisis.” The company is even open to contributions from other industry players if they wish to.
The crypto world’s collapse, triggered by the FTX bankruptcy, has endangered the existence of several crypto firms. Having said that, Binance remains one of the strongest and most well-managed firms. CZ, at its helm, is currently the most powerful and sought-after person in the crypto world, as Sam Bankman-Fried lost all credibility post-FTX fallout.
Binance had even thought of rescuing FTX in the early stages but gave up the plan as detailed due diligence dug up issues at the crypto exchange that were beyond repair. Interestingly, Binance is now considering buying out bankrupt lender Voyager Digital, since FTX is out of the race due to its failure. “Binance.US will make another bid for Voyager now, given FTX is no longer able to follow through on that commitment,” CZ told Bloomberg TV.
