Finst

Changpeng Zhao unveils a rebuild fund for the crypto sector

To curb the growing uncertainty in the sector after the FTX crisis, Binance CEO Changpeng Zhao announced a fund for rebuilding.

By Mike Hesp
• 1 min read
Changpeng Zhao unveils a rebuild fund for the crypto sector

To curb the growing uncertainty in the sector after the FTX crisis, Binance CEO Changpeng Zhao announced a "recovery fund" for the ailing crypto sector. The CEO announced this morning on View post on X a "recovery fund" for the struggling crypto sector.

He said he wanted to counteract the negative effects of FTX's collapse. The sector has been in a trust crisis since the exchange's collapse last week. As a result, there are currently rumors about the bankruptcy of other trading platforms.

The proposed rescue operation is intended to back projects that are otherwise strong but are facing a liquidity crisis. CZ has also invited other investors to participate in the fund. Needy platforms and projects should contact Binance Labs if they qualify.

Additionally, the Binance chief stressed his belief that the crypto sector would survive and called for rebuilding.

Disclaimer: This content is for informational purposes only and does not constitute financial, investment, legal, or tax advice. The information provided may be incomplete, inaccurate, or outdated and should not be relied upon as such. Nothing on this website should be considered a recommendation to buy, sell, or hold any cryptocurrency. Investing in crypto-assets involves risk of loss.