CZ is looking to build a “Market Recovery Fund” to help fundamentally strong projects from falling apart due to liquidity crises.
The Binance chief also raised the demand for establishing a global standard for the working of digital assets.
With the FTX collapse completely shaking the crypto world, existing market players are looking to bring the crypto industry out of the shock of this crisis. A few hours back, Binance chief Changpeng “CZ” Zhao announced a multi-billion dollar “market recovery fund” to help industry players facing a liquidity crisis. The Binance chief said:
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. Also welcome other industry players with cash who wants to co-invest. Crypto is not going away. We are still here. Let’s rebuild.
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