Industry recovery fund, to which Binance has already contributed $1 billion, Jump Crypto, Polygon Ventures (MATIC It attracted some big names at an early stage, such as market maker GSR.
Altcoin Developers Also Join Binance’s Fund
CEO Changpeng Zhao, Aptos Labs (APT developer), Animoca Brands (SAND developer) and Kronos are also some of the other early contributors. These firms joined the bailout fund with an initial total commitment of approximately $50 million.
Binance expects more participants to join soon, with over 150 submissions already received.
Fund, cryptocurrency was announced last week to help mitigate the consequences from the collapse of the stock market FTX. Binance’s initial commitment of 1 billion BUSD can be verified at the address in CZ’s Tweet. Addresses of other participants will be available within the next week.
We do this transparently.
The public address for Binance’s initial commitment of BUSD 1 billion is: 0x043a80999cEe3711D372FB878768909fbE7F71E6 https://t.co/QX7RGqBabV
— CZ 🔶 Binance (@cz_binance) November 24, 2022
Participants will allocate their committed capital to access the investment opportunities offered by the recovery fund application process. This capital can be in stablecoins or other tokens. According to Binance, public addresses should be shared for transparency.
The venture, which has a flexible investment structure, will take approximately six months. Binance emphasized that the recovery fund is not a mutual fund.
“If that’s not enough ($1 billion), we can allocate more,” Binance CEO Changpeng Zhao said in an interview with Bloomberg today. According to the press release, Binance plans to increase the fund to $2 billion in the future.
Zhao also said that the US arm of the exchange will bid on the company after the deal to acquire Voyager Digital by FTX fell through.
*Not investment advice.
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