Blockchain operator Tron DAO and Justin Sun, its billionaire founder, have applied to contribute capital to Binance’s industry recovery fund.
Binance published details of the fund yesterday after CEO Changpeng Zhao had earlier signaled a plan to launch it. Binance poured an initial $1 billion into the vehicle.
Tron has also applied to join this funding initiative to save the crypto world after the FTX collapse.
Binance hopes the fund can mitigate some of the damage dealt to the crypto industry by the downfall of Sam Bankman-Fried’s empire of crypto companies, at the center of which stood crypto exchange FTX. A wide variety of businesses in the sector have been hit by FTX’s collapse, ranging from investment firms to early-stage DeFi projects.
The fund will target projects that are deemed economically viable and innovative but facing liquidity issues as a result of the FTX crisis.
