Crypto Market Recovery Fund Announced by CZ, CEO of Binance

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Last Updated on November 14, 2022 by Bitfinsider

As the FTX crisis decimates the cryptocurrency market, Binance CEO “CZ” revealed on Monday that an industry recovery fund is being created. The long-running, successful initiatives impacted by the liquidity problem will receive assistance from Binance’s recovery fund. Platforms using cryptocurrencies can get in touch with Binance Labs to see if they qualify for the market recovery fund.

Additionally, the CEO of Binance asked other companies to co-invest in the market recovery fund. As a result of one of the biggest cryptocurrency exchanges, FTX, filing for Chapter 11 bankruptcy, the price of cryptocurrencies has fallen and institutional investors are losing faith.

Justin Sun, the founder of Tron, intends to support and take part in Binance CEO’s effort to revive the market. He thinks it will assist competent builders and developers in overcoming the crisis.

FTX is in a liquidity crisis, but Twitter user Crypto King questioned if it qualifies as strong. “Liars or fraud never qualify as strong projects. This is for other projects in the ecosystem,” the CEO of Binance retorted. 

Source: Twitter

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