News: Binance Announces New Recovery Fund To Aid Struggling Crypto Industry
Binance plans to allocate $1 billion to a proposed industry recovery fund. It would later be revealed that an another $1 billion has also been added to this recovery amount, bringing the total to $2 billion.
Elsewhere, CEO Changpeng Zhao also revealed plans for Binance US to make a new bid for the assets of bankrupt crypto lending firm Voyager, which went bust after the Terra (LUNA) disaster.
The new recovery fund aims to provide financial assistance to projects with potential who find themselves in financial trouble following the recent collapse of FTX.
The Binance CEO stated that details pertaining to the fund would be published soon, and that it will adopt a relatively loose structure. Contributions via various other members of the crypto ecosystem are also welcome, Zhao added.
The fund will reportedly be open to the public, with contributors directed to a centralized, transparent blockchain address. Zhao indicated that the fund is scheduled to go live before the end of 2022, while also saying that we could see significant recovery occur within the next six months.
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