Binance is taking steps to back its announcement of a recovery fund to buy distressed crypto assets with a $1 billion target. The Binance CEO, in an interview with Bloomberg Television, revealed that the firm will make available the said amount and can allocate more if the target fund is not enough. “If that’s not enough, we can allocate more,” CZ said.
CZ, amidst the FTX saga, has raised concerns about the event and lent his opinions. He revealed Binance’s plans to acquire FTX and, however, ditched the plans owing to “reports and due diligence,” he said.
Many crypto firms have been shaken by the FTX bankruptcy event. BlockFi, a crypto lending platform following the event, was reported to likely go bankrupt.
As the fallout ravaged the crypto space, CZ announced that Binance would launch a recovery fund to lend a helping hand to projects “who are otherwise strong” but have found themselves struggling with liquidity.
Different institutions and individuals are welcome by Binance to contribute to the project. As CZ mentioned, it would follow a loose approach.
CZ disclosed that his Binance Holdings Ltd. would open another bid for Voyager Digital. He further mentioned that Binance is also talking with Genesis global about how to respond to her call to stay afloat.
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