Changpeng Zhao, the CEO of Binance, made a number of announcements on November 24, during an interview with Bloomberg Television’s Haslinda Amin. Through these statements, it appears that the Binance exchange intends to support the crypto ecosystem after a month of extreme turbulence. Check out CZ’s two major announcements.
A $1 billion fund to save the crypto space
Changpeng Zhao announced that his exchange is considering allocating $1 billion to a crypto recovery fund. He explained that detailed information about the fund will soon be available on Binance’s blog. The CEO argues that the fund will be operational before the end of this year. Moreover, he revealed that he took a “soft approach” to setting up the crypto industry rescue project.
Indeed, CZ said: “There have been discussions about how to structure this fund – should we make it a free fund or a real fund? I think we have opted for a flexible approach in which the various players in the sector will contribute as they wish.“. Several members of the crypto space are likely to make their contributions to the project.
Furthermore, the funds may be viewed publicly. It is expected that the actors will transfer their contributions to a central and transparent blockchain address. According to the roadmap presented by CZ, the fund should allow the crypto industry to recover after six months.
Remember that the fund’s proposal comes with the aim of financially supporting promising projects that need it. Changpeng Zhao announced this project after the spectacular collapse of the FTX exchange.
Binance will make a new offer to crypto lender Voyager Digital
During his interview, CZ also revealed that Binance.US plans to make a new offer to Voyager Digital. The exchange could come up with a more advantageous deal to buy back assets from the bankrupt crypto lender.
In addition, CZ indicated that his company plans to reconsider the possibility of offer deals to certain FTX companies. According to him, some of the projects launched by the bankrupt exchange have potential and could “be salvageable”.
Binance is developing different projects to help the crypto space recover from the recent events that rocked it. The crypto community can only hope that these projects quickly reach their goal.
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