In an interview with Bloomberg on November 24, Binance CEO Changpeng Zhao (CZ) said the firm intends to allocate $1 billion for a proposed industry recovery fund.
According to CZ, the fund would have a “loose” structure and be publicly visible on the blockchain, with other industry players also able to contribute.
One day later, on November 25, CZ revealed that Binance allocated another $1 billion to the fund.
The fund is an attempt by Binance to keep the crypto industry afloat after controversial entrepreneur Sam Bankman-Fried’s exchange FTX filed for bankruptcy earlier this month.
Around 150 companies have already applied for support from the fund, Binance said in its blog.
The post Binance launches recovery fund for distressed crypto assets appeared first on Crypto Reporter.