Binance establishes an industry recovery fund to assist projects experiencing liquidity issues

As the FTX crisis continues to have a negative impact on the markets, crypto exchange Binance is establishing a fund to assist potentially strong projects that are experiencing liquidity issues.

Binance CEO Changpeng Zhao stated in a tweet that the fund aims to mitigate the cascading negative effects of FTX’s collapse by assisting projects that he described as “strong, but in a liquidity crisis.”

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 🔶 BNB (@cz_binance) November 14, 2022

While CZ did not provide all of the details on which projects would be eligible, he did advise teams that they should contact Binance Labs, the exchange’s venture capital arm.

He also encouraged other industry players interested in co-investing to contact them.

In addition, CZ tweeted:

Also welcome other industry players with cash who wants to co-invest.

Crypto is not going away. We are still here. Let's rebuild.

2/2
— CZ 🔶 BNB (@cz_binance) November 14, 2022

To be clear, the Binance CEO stated that the fund is not for FTX, but rather for other projects in the crypto ecosystem, and that “liars or fraud never qualify as strong projects.”

TagsBinance Crypto

Roland Guirdonan

Roland is a Public Relations & Communications guru with an immense passion for the blockchain and crypto industry. A fusion of his expertise and passion led to the dawn of Optimisus in 2020.