Binance Recovery Fund Will Be Worth $1 Billion

    CEO Changpeng Zhao (CZ) said that Binance is targeting a recovery fund worth about $1 billion to help struggling crypto companies.

    “If that’s not enough we can allocate more,” CZ said in an interview with Bloomberg Television.

    The goal of this fund is to stem the knock-on effect that FTX collapse caused. CZ said that soon there will be a blog post announcing the fund. Some big names like Justin Sun are said to be actively discussing contributing, or recently there is news that CZ came to Abu Dhabi to seek for fund support.

    Changpeng Zhao, Binance CEO

    Changpeng Zhao is a key player in the recent crypto industry tragedy. His tweets have revealed the financial health of FTX exchange and Alameda Research fund, initiating the death of FTX and the series of “wobbling” days of the whole market.

    On the other hand, this is when Binance proves its position as the largest cryptocurrency trading platform. According to the Bloomberg Billionaires Index, Zhao’s personal fortune has evaporated about $80 billion this year but compared to $15 billion at present, it is enough to push rivals away.

    Meanwhile, contrary to his claims, CZ still refused to support Genesis – a DCG company that is on the verge of bankruptcy. If Genesis fails, it will not have much effect on the market, and then another firm will soon fill its position.

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