Binance Recovery Fund Rises to $2Billion

Binance Recovery Fund Rises to $2Billion

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Jonathan
Jonathan

An editor at Coincrop


28 Nov 2022 | 2 min read
13,235 views

B

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.

 


Jonathan

Jonathan

An editor at Coincrop
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Jonathan is a Coincrop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely sailing.


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