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Binance announces ‘Industry Recovery Fund’ to help cash-strapped projects

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The crypto-industry has been trying to wrap its head around the unexpected collapse of the world’s second-largest crypto exchange FTX. On one hand, investors are anxious about the safety of their funds on centralized exchanges. On the other hand, traders are scrambling to place trades in order to maximize their profits in this volatile market. […]

The crypto-industry has been trying to wrap its head around the unexpected collapse of the world’s second-largest crypto exchange FTX. On one hand, investors are anxious about the safety of their funds on centralized exchanges. On the other hand, traders are scrambling to place trades in order to maximize their profits in this volatile market.

The two scenarios outlined above have a combined effect on crypto-projects that threaten their very existence. While it makes sense for generic projects that have nothing unique to add to the industry to go down in times of chaos and turmoil, the ones that are actually trying to make a difference have found themselves caught in the crossfire as well.The world’s largest crypto-exchange has come out in support of such projects.

The fund is aimed at helping crypto-projects that are facing liquidity issues, but are fundamentally sound. “To reduce further cascading negative effects of FTX, Binance is forming an industry recovery fund to help projects who are otherwise strong, but in a liquidity crisis,” Zhao tweeted. CZ has asked projects to get in touch with Binance Labs to see if they qualify to be a beneficiary of the recovery fund. He has also encouraged cash-rich industry players to co-invest in this venture.soon responded to Zhao’s initiative, indicating that he will participate in the proposed recovery fund.The latest move by Binance has strategically positioned the exchange as crypto’s new white knight, a title once bestowed upon Sam Bankman-Fried.

Binance has been rather active in its PR efforts ever since FTX collapsed. From its CEO warning against suspicious on-chain activity to their $1 billion Safe Asset Fund for Users Recent initiatives by Binance, combined with previous measures to engage with governments of various countries through their

 

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