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Binance Starts Recovery Fund for Crypto Projects Facing Liquidity Crisis
Tron founder Justin Sun said that Tron, Huobi Global and Poloniex will support Binance in its initiative.
Binance CEO Changpeng "CZ" Zhao says that his exchange is setting up an industry recovery fund to help rebuild the industry.
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
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CZ said that more details will be announced in the coming days, and said that the fund is open to industry co-investors.
Tron founder Justin Sun said that Tron, Huobi Global and Poloniex will support Binance in its initiative. Huobi Global also confirmed this in a tweet.
This announcement comes a month after Binance Pool said it was committing $500 million in the form of a lending facility for struggling bitcoin miners.
Binance's BNB Token is up 3% on the news. Bitcoin and Ether also both gained 4% after the announcement was made.
In remarks made Monday at the B20 Summit in Indonesia, CZ said he wanted the industry, as well as regulators, to take responsibility for cleaning up its act.
"We will we will try to collect the other industry players together to form an industry association globally, and try to deal with some of the common standards in business," CZ said, citing recent crypto market events as a reason for the initiative to happen "very soon."
UPDATE (Nov. 14, 2022, 09:30 UTC): Adds comments from B20 summit.
Sam Reynolds
Sam Reynolds is a senior reporter based in Asia. Sam was part of the CoinDesk team that won the 2023 Gerald Loeb award in the breaking news category for coverage of FTX's collapse. Prior to CoinDesk, he was a reporter with Blockworks and a semiconductor analyst with IDC.
Jack Schickler
Jack Schickler was a CoinDesk reporter focused on crypto regulations, based in Brussels, Belgium. He previously wrote about financial regulation for news site MLex, before which he was a speechwriter and policy analyst at the European Commission and the U.K. Treasury. He doesn’t own any crypto.
