Adds Additional $1 Billion to Binance Recovery Fund: $2 Billion Total Reached!

Cryptocurrency exchange Binance has allocated another $1 billion for the industry recovery fund, increasing the size of the fund to over $2 billion.

The additional funding allocation was announced on Friday by Binance CEO Changpeng “CZ” Zhao. All recently added funds BUSD declared in terms of

yesterday, #Binance allocated ANOTHER $1 billion to the industry recover initiative. All in BUSD.

— CZ 🔶 Binance (@cz_binance) November 25, 2022

Other Companies Contribute to the Binance Fund

The increase in the size of this fund comes a day after CZ said Binance is targeting $1 billion for its crypto recovery fund. Aptos Labs, Jump Crypto and other leading crypto companies have joined Binance’s initiative and will contribute $50 million to the fund.

The recovery fund will be used to buy the assets of the distressed cryptocurrency company and support the industry. The crypto market has suffered a massive drop since the beginning of the year, leading to the bankruptcy of several crypto firms.

Changpeng “CZ” Zhao said in an interview with Bloomberg that the fund will have a “loose” structure and will be publicly available on the blockchain, where other industry participants can also contribute.

“The industry needs saving now, not in 2023,” he added.

CZ said that the funds could be increased to $2 billion if needed. 2 billion dollars was reached in a short time:

“Roughly, we’re considering allocating $1 billion first, and if that’s not enough, we’ll allocate more. If after six months there are unused funds and there aren’t many projects – hopefully the industry has recovered by then – we can withdraw the funds.”

*Not investment advice.