Following the collapse of crypto exchange FTX, Binance CEO CZ announced the exchange is forming an industry recovery fund to “help projects who are otherwise strong but in a liquidity crisis.”
CZ is referring to “strong” projects in the ecosystem but is going through a liquidity crisis in the aftermath of the FTX collapse. CZ also welcomed other industry players to co-invest in this project if they have funds.
“Crypto is not going away. We are still here. Let’s rebuild,” CZ added.
Tron founder Justin Sun announced his support for this initiative by tweeting, “@trondao @HuobiGlobal @Poloniex echo @cz_binance’s initiative to participate in this industry recovery fund and help good builders and developers to recover from the crisis!”
Compiled by Coinbold