Binance to launch ‘Industry Recovery Fund’ to help strong projects

Binance CEO Changpeng Zhao has announced the project aimed at helping crypto-projects that are facing liquidity issues.

Binance CEO Changpeng ‘CZ’ Zhao revealed that the exchange would launch an industry recovery fund to help crypto projects facing 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. Also welcome other industry players with cash who wants to co-invest,” wrote the Binance chief in light of the recent FTX liquidity crunch. “Crypto is not going away. We are still here. Let's rebuild,” he added.

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 🔶 Binance (@cz_binance) November 14, 2022

Several prominent crypto personalities – including Tron founder Justin Sun and investment firm Bnk to the Future CEO Simon Dixon – have already expressed their support to the initiative, while others have also raised concerns about the project