Binance creates industry recovery fund to help projects struggling with liquidity

Binance creates industry recovery fund to help projects struggling with liquidity


As the effects of the FTX crisis continue to affect the markets negatively, crypto exchange Binance is creating a fund to help potentially strong projects that are having liquidity issues. 

In a tweet, Binance CEO Changpeng Zhao said that the fund aims to reduce the cascading negative effects of the collapse of FTX by helping projects that the Binance CEO described as “strong, but in a liquidity crisis.”

While Zhao did not provide all the information on which projects would qualify, he told teams who believe they may fit the criteria to contact Binance Labs, the exchange’s venture capital arm. He also called upon other industry players interested in co-investing to get in touch with them. “Crypto is not going away. We are still here. Let’s rebuild,”

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