CZ Announces Binance Is Partnering With Genesis

CZ said it will set up a $1 billion rescue fund in six months, Binance is currently in contact with Genesis, but not sure how deeply involved.

In a live broadcast of Bloomberg, the CEO of Binance CZ, shared about the plan to set up the $1 billion market rescue fund mentioned earlier. The fund was established to help potential crypto companies and projects that were affected by the collapse of FTX.

Besides, he also shared that Binance is cooperating with Genesis, but did not know the details. And also said that even if Genesis is shut down, it will not affect the industry, other players will take over its market.

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Currently, Binance.US is also replacing FTX in taking over the bidding package to buy back the assets of the bankrupt crypto company Voyager Digital.

Moreover, when sharing about the demise of FTX, CEO CZ stated that FTX should have been warned earlier before it became too big.

The crash of FTX has dragged the entire market into a severe liquidity crisis while it has not fully recovered from the fallout of the Terra-LUNA crash this past May.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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