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Nov 29, 2022 12:30
Cryptocurrency exchange Binance to allocate $1 billion to help cryptocurrency projects
Cryptocurrency exchange Binance said it will allocate $1 billion to the cryptocurrency industry recovery initiative. The funds will be used to invest in companies in the digital asset sector.
The recent collapse of one of the largest crypto exchanges, FTX, shook the cryptocurrency market. Against this backdrop, there has been a rise in global concerns about the ability of the entire industry to attract investment. This has affected both venture capital giants and private equity.
Nevertheless, many major investors are making significant efforts to stabilize and restore the industry. The same Binance intends to increase the amount of its commitments to $2 billion in the near future, if necessary.
"We expect this initiative to last about six months and to be flexible in terms of investment structure: tokens, fiat, equities, convertibles, debt, lines of credit, etc.," Binance said in a statement.
Changpeng Zhao, head of the cryptocurrency exchange, said at a conference in Abu Dhabi that industry players have shown great interest in the recovery fund it is launching. The fund's main objective will be to help cryptocurrency projects that lack liquidity after the collapse of FTX.
Henbbo fund is very positive about such initiatives and is also ready to support projects that need it now. The fund has already committed over $10 million to this cause and may be able to increase that amount later.
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