Binance CEO Changpeng Zhao who goes by “CZ”, has announced forming an industry recovery fund as the FTX crisis tanks the crypto market. Binance’s recovery fund will help long-running successful projects affected by the liquidity crisis. Crypto platforms can contact Binance Labs to check their qualification for the market recovery fund.
Furthermore, Binance CEO also requested other firms to co-invest in the recovery fund and help recover the market. The crypto prices have crashed and institutional investors losing confidence after one of the largest crypto exchanges FTX filed for Chapter 11 bankruptcy.
Tron founder Justin Sun looks to support and participate in Binance CEO’s initiative to recover the market. He believes it will help good builders and developers to recover from the crisis.Twitter user Crypto King asked if FTX qualify as strong but in a liquidity crisis. Binance CEO replied that “Liars or fraud never qualify as strong projects. This is for other projects in the ecosystem.”
