Binance Launches A Liquidity Fund For Crypto Projects
Justin Sun, the creator of Tron, said that Tron, Huobi Global, and Poloniex will back Binance’s proposal.
The CEO of Binance, Changpeng “CZ” Zhao, has said that his exchange is establishing an industry recovery fund to aid in the rebuilding of the sector.
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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. More details to come soon. In the meantime, please contact Binance Labs if you think you qualify. 1/2
CZ said that further information would be released in the following days and that the fund is available to co-investment from the industry.
Justin Sun, the creator of Tron, said that Tron, Huobi Global, and Poloniex will back Binance’s proposal. Huobi Global acknowledged this on Twitter as well.
This news comes one month after Binance Pool announced that it will provide a $500 million loan facility for struggling bitcoin miners.
The BNB Token on Binance is up 3% on the news. Bitcoin and Ether both gained 4% after the news.
