Binance launches a fund to support cryptocurrency projects

Binance CEO said that the company is launching a fund to support cryptocurrency projects that will help the market recover from the recent FTX crash. According to Чанпен Чжао" href="https://noworries.media/biography/chanpen-chzhao/" data-bio-id="3681">Changpeng Zhao, the largest exchange will only help really important and honest projects that are in a difficult situation. As before, fraudulent platforms like Terraform Labs should not expect any help. «To mitigate further cascading negative effects from FTX’s bankruptcy, Binance is setting up an industry recovery fund to help projects that are otherwise strong but are currently facing a liquidity crisis. We will publish more details soon. In the meantime, please contact Binance Labs if you think your project meets our requirements,» Changpeng Zhao wrote on his Twitter page.

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. ½

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

The Binance CEO also called on other major players in the crypto industry to join the initiative by investing in the new fund. «We are happy to cooperate with cryptocurrency projects that want to invest together. Cryptocurrency is not going to disappear. We are still here. Let' s rebuild,» the Binance CEO emphasized. Just a day after the announcement of the acquisition, Binance refused to acquire FTX. The company stated that it was unable to solve the problems on the platform. «Initially, we hoped to be able to support FTX users and provide the necessary liquidity. However, the exchange’s problems are beyond our control and we are unable to help,» the crypto exchange said in an official statement. A few days ago, FTX declared bankruptcy, and its CEO and founder Сем Бенкман-Фрід" href="https://noworries.media/biography/sem-benkman-frid/" data-bio-id="3697">Sam Bankman-Fried resigned. It also became known that the day before FTX filed for bankruptcy, the exchange had only $ 900 million in liquid assets against $ 9 billion in liabilities. Most of these liquid assets, included in FTX’s international balance sheet on Thursday, consisted of $ 470 million worth of Robinhood shares.