The industry recovery fund from Binance will be at least $1 billion

time:2022-11-24 04:13 source:Internet

The industry recovery fund from the Binance exchange will amount to $1 billion. The money from the fund will be inverted into the purchase of troubled crypto-assets. This was announced by the head of the exchange Changpeng Zhao.“If it’s not enough, we can allocate more,” Zhao said.According to Bloomberg, Binance is also in talks with troubled company Genesis Global.Zhao said the collapse of Genesis may only affect some of the big institutional players, but the industry will survive, although there will be difficulties.“It will hurt whenever one player goes down,” he added.The head of Binance also said that his company is interested in buying some FTX assets.
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