- Binance Targets $1B Recovery Fund for Distressed Crypto Assets.
- During this turmoil, CZ has stood out as a towering figure.
- Binance US is preparing to resume its purchase attempt for Voyager Digital.
The biggest cryptocurrency exchange in the world, Binance, made a $1 billion donation to a relief fund. This will assist financially distressed promising cryptocurrency businesses and initiatives.
The fund, known as the Industry Recovery Initiative, was foreshadowed earlier this month by Binance in response to the demise of rival FTX. The fund was created, according to Binance’s creator Changpeng Zhao, to lessen the cascading negative consequences of FTX.
During this time of uncertainty in the cryptocurrency industry, CZ has stood out as a towering figure. He tweeted about the financial standing of Sam Bankman-Fried’s Alameda Research trading firm and FTX cryptocurrency exchange. The information from CZ laid the foundation for both businesses’ demise two weeks earlier.
Since then, Binance has worked to solidify its position as the world’s largest cryptocurrency trading platform.
CZ mentioned in the interview on Thursday that there will soon be a blog post on the anticipated fund. While he said that Binance has talked to a number of industry participants about it. Interestingly, he stated that the business is approaching the situation with a loose attitude to permit other stakeholders to assist in any way they see fit.
According to CZ, Binance US is preparing to resume its purchase attempt for Voyager Digital. Binance was once again aware of the agreement after FTX, the intended buyer, backed out. Now, Binance will face off against the CrossTower exchange and other interested parties for the deal.
Furthermore, there are rumors that Binance and Genesis Global are in conversation. The US-based cryptocurrency broker has been requesting cash from investors. This is alleged because it may go bankrupt as a result of problems in its crypto-lending division.
Recommended News:
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.