The Binance team announced the launch of a fund to reduce the “cascading negative impact” FTX collapse to the industry. This decision was announced by CEO Changpeng Zhao.
“[…] Binance is forming an industry recovery fund to help projects that are otherwise strong but are experiencing a liquidity crunch. More information will appear shortly. […] Cryptocurrency is not going away. We are still here.” added Zhao.
During the G20 summit, Zhao emphasized the responsibility to protect users. According to a press release, the head of Binance expressed his hope that the leading players “can cooperate” to create strict standards.
“All participants need to increase transparency and work closely with regulators to make the industry more reliable,” he concluded.
Such an initiative is already greeted Tron Foundation founder Justin Sun. Earlier, he also announced his readiness allocate ‘billion dollar aid’ to FTX.
Simon Dixon, on behalf of the online investment platform BankToTheFuture, informed about wanting to join Zhao’s initiative.
The current situation in the cryptocurrency market is reminiscent of Zhao’s 2008 financial crisis. November 11 FTX Group filed for insolvency in accordance with Chapter 11 of the United States Bankruptcy Code. Sam Bankman-Fried stepped down as CEO.