Binance founder CZ announced in a statement today that they will set up a relief fund to support crypto projects affected by the collapse of FTX.
Alameda Research, the “sister company” of FTX, one of the world’s largest cryptocurrency exchanges, launched its cryptocurrency trading platform with “fictitious coins”. emergence of funding It was one of the hottest topics of last week. Afterwards, Binance first bought FTX. will buy announced later on this purchase. that you gave up had explained.
After all these events, FTX, when filing for bankruptcy The company’s CEO, Sam Bankman, also resigned and in two days lost billions of dollars. On top of these avalanche events, Binance FTX’s own currency, FTT’s deposits. had stopped.
Aid fund for cash-strapped projects from Binance
Changpeng Zhao (CZ), CEO and founder of Binance, today from his Twitter account “For the projects that relied on FTX and Alameda Research and remained in the void after this fiasco,” he said in a statement.relief fundannounced that they will establish According to CZ’s statement, this fund has already reached a certain point, community-run considered to be strong but to help projects that need cash announced the establishment of a fund.
These investors Will be featured on Binance Labs and that both Binance and outside investors can invest in the projects. CZ also stated that his doors are open to those who want to invest in projects.
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CZ also noted that projects that already have a strong community but need cash should apply to Binance Labs. “Crypto isn’t going anywhere. We are still here. Let’s build againWith this step of CZ, it is expected to reactivate the crypto market. Some investors and analysts say that CZ’s move is a sign of both Binance and projects that need help. claims to play a major role in the growth of.
Source :
https://markets.businessinsider.com/news/currencies/binance-ceo-ftx-crypto-recovery-fund-collapse-zhao-bankman-fried-2022-11