Binance CEO Changpeng Zhao announced that his company would be launching a recovery fund to stabilize the cryptocurrency industry.
The main purpose for the fund would be “to reduce further cascading negative effects of FTX,” Zhao said. The exchange’s significant integration in the industry meant its collapse would spread widely, the Binance CEO ກ່າວໃນອາທິດແລ້ວນີ້.
He added that the fund would go to support projects impaired by these effects, but were otherwise financially sound.
Huobi and Poloniex Join Initiative
The Binance CEO also encouraged others within the industry dedicated to supporting its survival and recovery to contribute. This immediately drew interest from prominent crypto industry participants, such as Justin Sun and Simon Dixon.
Source: https://beincrypto.com/binance-ceo-crypto-industry-self-regulation-coming/