Binance CEO Changpeng “CZ” Zhao announced on Thursday that his exchange has set aside 1 billion Binance USD (BUSD) in initial capital to establish an industry recovery initiative. This will be used to scoop up distressed digital assets and help rebuild the industry. A day later, CZ tweeted that Binance would add another $1 billion to the fund, raising the total allocation to $2 billion.
The recovery fund will also be open to contributions from other industry players. So far, the big names that have confirmed their participation include Polygon Ventures, Aptos Labs, Animoca Brands and GSR. Binance said the recovery fund is “expected to last for around 6 months and has already received over 150 applications”.
The move comes as the crypto market is rattled from the collapse of FTX – one of the largest crypto exchanges in the world – which has also implicated other companies such as BlockFi, Genesis, Galaxy Digital and Sequoia Capital.
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