Binance will launch a fund to restore industry
Binance cryptocurrency exchange will launch the fund in order to reduce the “cascading negative impact” of the FTX collapse on the industry. This was stated by CEO of Chanpen Zhao.
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“[…] Binance forms the Fund for Restoration of the industry to help projects that are otherwise strong, but are experiencing a liquidity crisis. More information will appear in Blockchain in the the near future. […] Cryptocurrency does not leave. We are still here, ”Zhao wrote.
During the G20 summit, Zhao reminded representatives of the industry about liability for user protection. According to the press release, the head of Binance expressed the hope that leading players “be able to cooperate” in order to create strict standards.
“All participants need to increase transparency and work closely with regulatory authorities to make the industry more reliable,” he concluded.
Binance decision to create the Fund was greeted by the founder of Tron Foundation Justin San. Earlier, he also announced his readiness to allocate “billionth care” FTX.
The co-founder of the investment online platform Banktotothefuture Simon Dixon expressed a desire to join the initiative Zhao.
I WOULD Like to Join The Fund @cz_binance . Let’s Make Sure We Don’t Centralise the Industry Too Thumb. Let’s Make this An Industry Effort. https: // t.CO/SV4LM0HWRL
– Simon Dixon (Beware Impersonators) (@simondixontwitt) November 14, 2022
“However, let’s make sure we are not too centralized by the industry,” Dixon added.
Bitget cryptocurrency exchange also announced the creation of the fund, according to the FORKLOG press release. The structure of $ 5 million is designed to support the victims of the incident with FTX.
“In this dark time, we must join forces, help each other and wait for dawn,” said the managing director of Bitget Grace Chen.
During This Dark Time, We Shoup Join Force and Help Each Other, and Wait for the Dawn. IF YOU ANFLUENCER/TRADER AFFECTED BY THE FTX Incident, You Can Find Us @bitGetglobal for Support, You can also Send ME UR Info At [email protected] with [ftx-trader] in Title
– Gracy Chen (@gracybitGet) NOVEMBER 13, 2022
Recall, on November 11, FTX Group submitted an insolvency application in accordance with Chapter 11 of the US Code of Bankruptcy. Sam Bankman-Fried left CEO.
Zhao compared the current situation in the industry with the financial crisis of 2008. In his opinion, in the coming weeks, even more companies may collapse.
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