Binance Creates Industry Recovery Fund To Help Potential Projects During Liquidity Crisis
Binance CEO Changpeng Zhao tweeted that to alleviate the negative impact of FTX, Binance is establishing an industry recovery fund to help good projects that are struggling with liquidity.
In a recent tweet by CEO Changpeng Zhao shared about Binance‘s new plan for a fund to help recover the industry during a time severely affected by the liquidity crisis of FTX.
According to the share, this new fund was established with the purpose of supporting potential projects but facing liquidity problems. More details on this plan will be available in the near future.
Meanwhile, projects deemed eligible can contact Binance Labs. Businesses in the industry with cash are also welcome to cooperate and invest.
It seems that CEO Changpeng Zhao is slowly changing his mind from the liquidity crisis in July due to the collapse of Terra-LUNA.
At that time, Sam Bankman-Fried of FTX was considered the savior of the market when he came out to “rescue” the market. While, Changpeng Zhao has a completely opposite view, he thinks it is a good time to get rid of the “weak guys”.
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