We've curated a list of the most popular news articles and tweets on the following trending topic - Binance Aims To Cement Its Position With $1B For Distressed Assets.
The crypto exchange has clarified that the initial deposit of 1 billion BUSD came from its own assets following community concerns around the use of customer funds. The post Binance clarifies initial $1 billion recovery fund deposit came from own assets appeared first on The Block.
The company is launching an Industry Recovery Initiative with help from other firms.
Binance CEO Changpeng Zhao says he's planning to set up a $1 billion fund to rescue distressed crypto assets.
Binance CEO Changpeng Zhao said that the company is planning a $1 billion fund for possible purchases of distressed digital assets in the crypto sector.
Binance CEO Changpeng Zhao (CZ) confirmed earlier reports that Binance would bid for Voyager.
Binance has announced the formation of what it refers to as an “industry recovery initiative” in the wake of the failure of the cryptocurrency exchange FTX and its sister company, Alameda Research. The fund's primary objective is to rescue cryptocurrency projects that are facing liquidity issues.
Binance said it will devote $1 billion in initial commitments to the recovery fund.
The initiative was announced Nov. 24 by CEO Chengpang Zhao (CZ) as an effort to “protecting consumers and rebuilding the industry.”
Binance's industry recovery fund has already attracted some big names, with the fund expected to operate for about 6 months. The post Jump Crypto, Polygon Ventures, GSR contribute to Binance's $1 billion recovery fund appeared first on The Block.
The Binance chief said that they are willing to allocate more to the recovery fund if required. He added that different industry players can also contribute as they wish.
Binance CEO Changpeng Zhao is aiming to stockpile $1 billion for an industry recovery fund.
The head of Binance said he plans to launch the fund soon given "the industry needs saving now, not in 2023," per Bloomberg.
Binance chief Changpeng Zhao said the fund would initially have $1 billion to buy up distressed assets, but the figure could be increased.
Binance is aiming to amass around $1 billion for its recently announced "industry recovery fund," said CEO Changpeng "CZ" Zhao. The post Binance targets $1 billion for ‘industry recovery fund' appeared first on The Block.
Cryptocurrency exchange Binance is aiming for a roughly $1 billion fund for the potential purchase of distressed assets in the digital sector, Bloomberg News reported on Thursday, citing an interview with Chief Executive Officer Changpeng Zhao.
Binance CEO Changpeng Zhao (aka “CZ”) has been a key player in the crypto market over the past few turbulent weeks. It wasn't until his tweet about FTX's credibility and the announced sale of all Binance-owned FTT tokens that a bank run on FTX and subsequent Chapter 11 bankruptcy filing occurred.
The Binance fund will be open to contributions from other industry players.
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