Binance aims to allocate $1 billion for crypto recovery fund

Binance CEO Changpeng Zhao is aiming to stockpile $1 billion for an industry recovery fund.

Binance intends to allocate $1 billion for a proposed industry recovery fund, while its CEO revealed intent in a new bid for assets of bankrupt cryptocurrency lending firm Voyager by its United States-based business.

Speaking to BloombergTV on Nov. 24, Binance CEO Changpeng Zhao touched on a number of topics in what has been a tumultuous month for the cryptocurrency ecosystem.

Chief among them was Binance’s proposed industry recovery fund, which is aimed at providing financial support to promising projects in financial distress. The exchange’s founder introduced the idea in the wake of FTX’s now-infamous collapse.

Related: Binance CEO denies report firm met with Abu Dhabi investors for crypto recovery fund

Zhao said that details of the fund were due to be published on the exchange’s blog in the coming days, adopting a fairly “loose” structure with contributions from other members of the cryptocurrency ecosystem:

“There’s been back and forth on how to structure that — do we make it a loose fund or an actual fund? I think we’re kind of going with a loose approach where different industry players will contribute as they wish.”

The fund will be publicly viewable according to the Binance CEO, with contributors set to send funds to a central, transparent blockchain address. Zhao also noted that the fund is expected to go live before the end of 2022 while touting a six-month road map within which he expects to see the industry recover. 

The report also noted that Binance.US is interested in a new bid for assets belonging to the now-bankrupt Voyager Digital. The lending firm was one of a handful to go bust in the wake of the Terra collapse in May 2022. 

The Binance CEO also said that the exchange would consider a second look at some assets or businesses belonging to FTX. Binance considered a deal to buy out Sam Bankman-Fried’s exchange before its spectacular collapse in November 2022.

Zhao said that FTX had invested in a number of projects, some of which may “be salvageable” and of interest if and when they become available.

Related Posts

TRON (TRX) Price Is Staring Into the Abyss – Is a 35% Drop Incoming?

The TRON (TRX) price broke down from the $0.055 long-term horizontal support area. The trend is considered bearish until this area is reclaimed. TRX is the native…

Utherverse Partners with Tokensoft to Launch IDO for Native Metaverse Token

[PRESS RELEASE – New York, NY, 30th November 2022] Utherverse, one of the largest metaverse platforms in the world, has signed a partnership agreement with Tokensoft, the…

EU Chief Fires Another Warning Shot at Elon Musk Over Twitter’s Content Moderation

New Twitter boss Elon Musk continues to spark controversies, from firing most of the company’s employees to dabbling with key features and restoring banned accounts. Now, the…

Shiba Inu (SHIB) Community Reacts to Binance’s Hint on Bone ShibaSwap (BONE)

The Shiba Inu (SHIB) community, better known as the SHIB Army, has been calling for the top global crypto exchanges to list the gas fee token Bone…

Uniswap (UNI) Launches NFT Marketplace Aggregator, Airdrops $5M

Uniswap launched an NFT marketplace aggregator. It claims it will provide gas savings, better price discovery, safer smart contracts, and faster indexing, among other benefits. The aggregator…

BlackRock CEO: FTX caused its downfall, but Bitcoin is still revolutionary for the evolution of financial markets

The BlackRock CEO still sees crypto assets as revolutionary, even though he disagrees with the issuance of tokens by centralized exchanges. The CEO of the asset management…

Generated by Feedzy