Binance will spend $1 billion to keep its ecosystem afloat

SAFAKNA TURKEY – Binance co-founder and CEO Changpeng Zhao will take steps to keep cryptocurrencies afloat

Changpeng Zhao said in a statement that he has set up a rescue fund that aims to support market participants suffering from FTX’s catastrophic bankruptcy.

Binance Makes First Commitments to Rescue Fund one He said he would spend billions of dollars. The company may receive this amount in the future if required. 2 He also stated that he could increase it to billions of dollars.

Binance also supports local crypto firms such as Jump Crypto, Polygon Ventures, and Animoca Brands. fifty He said he had a million dollar commitment.

Binance CEO Changpeng Zhao also shared a public wallet address that showed his initial commitment, adding, “We do it transparently.” said.

The fund was created by Binance to keep the cryptocurrency ecosystem afloat after FTX filed for bankruptcy earlier this month.

Thus, Zhao introduced a new savior figure for the struggling industry, filling the void left by Bankman-Freed, who bought or invested in crypto companies from Voyager Digital to BlockFi before the FTX collapse.

Binance also stated that the created fund is not a mutual fund and aims to support companies and projects that are facing financial difficulties through no fault of their own.

While the fund has also accepted contributions from investors, Binance said it expects the program to take about six months to complete.

CZ is flexible on the topic, support; He said they could also accept fund support in the form of tokens, cash or debt, and stressed that individual situations require special solutions.

Binance, 150 stated that the company had approached the fund for support.