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Binance aims to allocate $1 billion for crypto recovery fund

November, 24 2022
watermark Economic news

The operator of one of the world's largest cryptocurrency exchanges, Binance Holdings Ltd., plans to allocate about $1 billion to purchase distressed assets in the cryptocurrency market. This was stated by the head of the company Changpeng Zhao in his interview.

Earlier, Zhao has already stated that Binance intends to create a fund aimed at restoring the cryptocurrency market. In particular, the fund's money will be directed to «strong» projects that have faced liquidity problems. 

The main purpose of the foundation of the Binance foundation is to prevent further cases of bankruptcy of cryptocurrency platforms. Recall that in October, one of the largest FTX crypto exchanges (whose market capitalization once reached $32 billion) announced its bankruptcy, which caused another significant drop in the cryptocurrency market. 

The founder of Binance and billionaire Zhao became a key figure during the turmoil in the cryptocurrency market. This year, the digital asset market has lost more than $1.4 trillion due to a number of problems: unrealized projects and lack of liquidity due to the global economic downturn.

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