Binance Recovery Fund Rises to $2Billion
Share this article
An editor at Coincrop
28 Nov 2022 | 2 min read
inance, a crypto exchange, has set aside an additional $1 billion for its industry recovery fund--bringing the total size of the fund to over $2 billion.
On Friday, Binance CEO Changpeng "CZ" Zhao announced that there would be an additional allocation to the crypto recovery fund. The day before, CZ had said that Binance was targeting $1 billion for its crypto recovery fund.
Aptos Labs, Jump Crypto, and other major crypto businesses donated $50 million to Binance's initiative.
The fund would be used to purchase struggling cryptocurrencies and bolster the industry as a whole. Many companies have failed since the market crashed earlier this year.
CoinLoan combine the best of traditional and novel finance helping you borrow, swap and grow your assets.
Compare over 47,233 CeFi and DeFi products across more than 226 organizations here