Binance Allotted $1 Billion Again for Crypto Recovery Funds

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Binance Allotted $1 Billion Again for Crypto Recovery Funds
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  • CZ claimed that $1 billion is earmarked for the recovery of crypto companies.
  • Binance CEO Changpeng Zhao “CZ” indicated that all funds are in BUSD.

Binance contributed another $1 billion to industry recovery initiatives on November 24. And the fund was raised to the tune of $2 billion to protect the crypto firms’ recovery. Furthermore, Binance CEO Changpeng Zhao “CZ” indicated that all funds are in BUSD.

Following the allocation of the $1 billion, Zhao announced that if the funds are insufficient, additional funds will be obtained to save the firms. Zhao stated last week at an industry conference in Abu Dhabi that there is significant interest from industry players in a recovery fund his company plans to form to assist cryptocurrency ventures facing a liquidity crunch as a result of the collapse of opponent FTX.

CZ claimed that $1 billion is earmarked for the recovery of crypto companies. Aptos Labs, Jump Crypto, and other significant companies have joined forces with Binance and the effort to contribute $50 million to the fund.

Since the beginning of the year, the crypto market has experienced a massive downturn, resulting in the collapse of several crypto firms. Following the demise of the FTX, numerous corporations have calculated their exposure to the exchange in terms of millions.

Genesis, a major crypto player, announced last week that customer redemptions in its loan company had been halted, while BlockFi is ready to file for bankruptcy.

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