Binance intends to allocate $1 billion for a proposed industry recovery fund, while its CEO revealed intent in a new bid for assets of bankrupt cryptocurrency lending firm Voyager by its United States-based business.
Konuşma to BloombergTV on Nov. 24, Binance CEO Changpeng Zhao touched on a number of topics in what has been a tumultuous month for the cryptocurrency ecosystem.
Chief among them was Binance’s proposed industry recovery fund, which is aimed at providing financial support to promising projects in financial distress. The exchange’s founder introduced the idea ardından FTX’s now-infamous collapse.
Zhao said that details of the fund were due to be published on the exchange’s blog in the coming days, adopting a fairly “loose” structure with contributions from other members of the cryptocurrency ecosystem:
“Bunun nasıl yapılandırılacağı konusunda ileri geri görüşler oldu; bunu gevşek bir fon mu yoksa gerçek bir fon mu yapacağız? Farklı sektör oyuncularının diledikleri gibi katkıda bulunacağı gevşek bir yaklaşımla gittiğimizi düşünüyorum.”
The fund will be publicly viewable according to the Binance CEO, with contributors set to send funds to a central, transparent blockchain address. Zhao also noted that the fund is expected to go live before the end of 2022 while touting a six-month road map within which he expects to see the industry recover.
The report also noted that Binance.US is interested in a new bid for assets belonging to the now-bankrupt Voyager Digital. The lending firm was one of a handful to go bust in the wake of the Terra çöküş Mayıs 2022 içinde.
The Binance CEO also said that the exchange would consider a second look at some assets or businesses belonging to FTX. Binance considered a deal to buy out Sam Bankman-Fried’s exchange before its spectacular collapse in November 2022.
Zhao said that FTX had invested in a number of projects, some of which may “be salvageable” and of interest if and when they become available.
Source: https://cointelegraph.com/news/binance-aims-to-allocate-1-billion-for-crypto-recovery-fund