Binance Commits Another $1 Billion To Crypto Recovery Fund

November 25, 2022

Crypto exchange Binance has allocated another $1 billion for its industry recovery fund.

The additional allocation was announced by Binance CEO Changpeng "CZ" Zhao on Friday.

The fund has been set up to help cash-strapped startups failed to dispel all the sector’s contagion fears following the collapse of the FTX exchange.

“We’re going with a loose approach where different industry players will contribute as they wish,” he said in an interview Thursday with Bloomberg.

Zhao said he’s seeking to limit damage to the crypto sector from FTX’s implosion

Before his empire fell, FTX founder Sam Bankman-Fried had agreed to several now stranded deals, such as the purchase of bankrupt lender Voyager Digital.

The industry remains anxious about the fallout from FTX’s wipeout.