Binance Launches Billion-Dollar Crypto Industry Recovery Fund to Restore Confidence After FTX Meltdown – Finance Bitcoin News

Several other crypto companies have joined Binance’s efforts and committed capital for the recovery fund.Cryptocurrency exchange Binance unveiled Thursday some details of its Industry Recovery Initiative , which the crypto firm described as “a new co-investment opportunity for organizations eager to support the future of web3.

“So far, Jump Crypto, Polygon Ventures, Aptos Labs, Animoca Brands, GSR, Kronos, and Brooker Group have also committed to participating with an initial aggregate commitment of around USD 50 million, and we expect more participants to join soon,” Binance added. Each participant has set aside committed capital in stablecoins or other tokens.

Binance explained that it will be looking for projects characterized by “innovation and long-term value creation,” “a clearly delineated and viable business model,” and “a laser focus on risk management.”What makes this initiative unique is the collaborative approach to restoring confidence in web3.

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Sounds good but I will continue buying on bfx.

Help will come at a cost, I am sure!

lets call it what it is: The Ass Covering Fund

Don't think the amount is relevant

Is this a fund to be shuffled around to show proof of reserves? Oops* didn't mean to say it out loud

BNB

Thats nice

Thats nice

Thats nice

FACT

Thats nice

Thats nice

Binance take right way but not trut

$LUNC

Binance safe the crypto industry

Thats great, I have recently started using ChiefraFba for signals, his accuracy is INSANE!

Ok, I only listen to ChiefraFba for signals!

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