Changpeng Zhao, the CEO and creator of Binance exchange, announced the establishment of a “recovery fund” today to support cryptocurrency startups that have a solid understanding of their business model.
The top-ranked cryptocurrency exchange, Binance is renowned for providing high-caliber services related to cryptocurrencies.
In addition to operating as a platform for cryptocurrency trading, Binance Exchange also promotes blockchain and cryptocurrency education globally so that people can better comprehend and readily accept this ground-breaking sector.
Zhao stated that the platform is developing a fund in which qualified investors can participate as co-investor to lessen the cascade impact caused by the “FTX exchange liquidity problem.”
The exchange will soon announce more details about this “crypto fund” available, but for the time being, contributors can get in touch with Binance Labs, a division of the exchange that manages and invests the assets.
Justin Sun, the creator of the well-known Proof-of-Stake blockchain network Tron, endorsed this move of Binance exchange and reaffirmed his support for him in his efforts to aid the cryptocurrency projects in getting out of this predicament.
The native token of the defunct FTX cryptocurrency exchange is called the FTX token (FTT), which is currently undergoing Chapter 11 bankruptcy filing procedures.
The exchange is holding a sizable FTT bag. The value of the FTT holdings in the Binance bag before the demise of the FTX exchange was roughly $500 million, but the exchange declined to trade off when FTX co-founder Sam Bankman-Fried (SBF) asked them to.
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