Binance CEO Changpeng Zhao aka CZ has revealed that his company will be forming an industry recovery team in an effort to mitigate the negative effects associated with the FTX failure. Sam Bankman-Fried’s FTX filed for bankruptcy on Friday after a week that saw customers withdraw their assets and Binance drop its rescue offer. Bankman-Fried and his company are under investigation by the Department of Justice and the Securities and Exchange Commission. CZ also welcomes other industry participants who want to co-invest.
“To reduce the further class-based negative effects of FTX, Binance is forming an industry recovery fund, to help strong projects that are experiencing liquidity crises. More details coming soon. In the meantime, please contact Binance Labs if you think you qualify,” Zhao tweeted.
Also welcome other players in the industry with cash who want to invest together.
Cryptocurrencies are not going away. We are still here. Let’s rebuild.
2/2
– CZ Binance (@cz_binance) November 14, 2022
Justin Sun, Founder of Tron look to support and participate in the Binance CEO’s initiative to revive the market. He believes it will help good builders and developers recover from the crisis.
Other institutions include Celsius’s biggest investor, Simon Dixon wants join the fund and contribute to making it decentralized with the crypto community. Notable Twitter user in the space, Crypto King, also asked CZ if FTX qualifies as strong but is experiencing a liquidity crunch. The Binance CEO replied that “Cheaters or fraudsters never qualify as powerful projects. This is for other projects in the ecosystem.”
The development comes after cryptocurrency prices drop and institutional investors are losing confidence and trust behind one of the biggest crypto exchanges. FTX filed for Chapter 11 bankruptcy.
It is also important to reiterate that Binance, in October, revealed a $500 million loan group (about 61.5 lakh) For Bitcoin miners, the combination of energy costs, low Bitcoin prices, and ever-higher mining difficulty has plagued the sector. The company says its project is designed to provide “secure debt financing services to both public and private blue-chip Bitcoin miners and digital asset infrastructure companies.” digital globally.”
To know the latest technology news and evaluatefollow Gadgets 360 on Twitter, Facebookand Google News. For the latest gadgets and technology videos, subscribe Youtube Channel.
Featured video of the day
Lenovo Tab P11 Pro: Hit or miss?
