The world’s biggest crypto exchange Binance starts crypto recovery fund to help projects those are suffering from the liquidity crisis.
Binance CEO, Changpeng Zhao, commonly known as ‘CZ’ said in a tweet on Monday,
“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.”
He further added-
“Also welcome other industry players with cash who wants to co-invest. Crypto is not going away. We are still here. Let’s rebuild.”
This announcement comes after the FTX exchange filed for bankruptcy. Changpeng Zhao’s announcement will help investors/ crypto traders/ crypto community regain their confidence in the crypto market.
The Crypto community and other crypto exchanges supported CZ to Start the recovery fund. Tron, Huobi Global, and Poloniex have already shown interest in this project.