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Binance Allocates Another $1B for Its Crypto Recovery Fund

WikiBit 2022-11-25 18:09

Abstract:Aptos Labs and Jump Crypto, two prominent crypto players, have also joined Binance's initiative.

Binance, a cryptocurrency exchange, has allocated another $1 billion to its industry recovery fund, effectively increasing the fund's size to more than $2 billion.

  Binance CEO Changpeng “CZ” Zhao announced the additional allocation on Friday.

  The increase comes just one day after CZ revealed that Binance is aiming for $1 billion for its crypto recovery fund. Aptos Labs, Jump Crypto, and other well-known cryptocurrency companies have joined Binance's initiative and will contribute $50 million to the fund.

  The recovery fund would be used to purchase distressed crypto assets and provide assistance to the industry. Since the beginning of the year, the crypto market has experienced a massive decline, resulting in the closure of several crypto firms.

  The cryptocurrency market remains volatile, with BTC trading 1.6% lower during the day, hovering around $16,400 at the time of writing.

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