Industry Players Are Interested In Crypto Recovery Fund, CZ Confirms.

November 16, 2022

Binance CEO, CZ, said that there is a significant interest from industry players in a recovery fund his company plans to launch.

The recovery fund will help crypto projects facing a liquidity squeeze following the collapse of rival FTX.

Speaking at a conference in Abu Dhabi, Binance CEO said that he does not have a specific amount in his head for the size of the recovery fund.

Without dropping any names, Binance CEO said that there are players that have strong financials and are interested in the recovery fund.

More details concerning the fund will be available over the next two weeks, Zhao said.

Ripple effect of FTX collapse can already be seen in the industry as other firms prepare for bankruptcy.

"Crypto doesn't need saving," Zhao said at the event.