BNB
by BSCN
November 14, 2022
Binance CEO Changpeng Zhao said the new fund seeks to mitigate any future liqudity crisis on projects Binance deems as strong.
The CEO of Binance, Changpeng Zhao (CZ), tweeted that Binance will work to create a new industry recovery fund. The fund will form to help projects otherwise deemed strong that end up in a liquidity crisis.
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. 1/2
— CZ 🔶 Binance (@cz_binance) November 14, 2022
The tweet emerged in the wake of the FTX crash heard around the world. CZ announced that the idea of the fund emerged “to reduce further cascading negative effects of FTX.” CZ also confirmed Binance will be looking for more industry players to co-invest, asking interested projects to contact Binance Labs if interested.
CZ replied in the comments that no project found to be “liars or fraud” will qualify as a strong project.
Hey, you misread the tweet, I think. Liars or fraud never qualify as strong projects. This is for other projects in the ecosystem.
— CZ 🔶 Binance (@cz_binance) November 14, 2022
Despite how few details have been confirmed about the fund, Binance appears to be working for the betterment of the whole industry following the FTX fallout. CZ has repeatedly said the results of the FTX crash hurt the whole industry, and the fund is a concrete step to help mitigate another crisis.
Binance positions itself as the world’s leading blockchain ecosystem and crypto-asset infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. The Binance platform aims to increase the freedom of money for users and features a comprehensive portfolio of crypto-asset products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization, and infrastructure solutions.
Where to find Binance:
Website | Twitter | Discord | Telegram |
Latest News
1h : 16m ago
Binance Suspends Employee Over Insider Trading Allegations
3h : 46m ago
Trump Media and Crypto.com to Launch TruthFi Branded Crypto ETFs
March 24, 2025
Has Over Protocol Lived Up to Expectations?
March 24, 2025
MetaMask Card: What Is It and How Does It Work?
March 24, 2025
What is Sidra Start? Crowdfunding on Sidra Chain
March 24, 2025
PiDaoSwap Launches into Pi Network Ecosystem: Announces New Features
March 24, 2025
How Much Bitcoin Japan's MicroStrategy Metaplanet Owns
March 24, 2025
What’s Driving BNB Chain’s DEX Volume?