Binance deploys $1 billion to keep crypto industry afloat after FTX collapse
Binance's Co-founder & CEO Changpeng Zhao has given several interviews discussing the outlook for cryptocurrency following a turbulent couple of weeks in the market. NurPhoto / Contributor / Getty Images Cryptocurrency exchange Binance on Thursday announced new details about its industry recovery fund, which aims to prop up struggling players in the wake of FTX's calamitous bankruptcy. In a blogpost, Binance said it will devote $1 billion in initial commitments to the recovery fund. It may increase that amount to $2 billion at a point in time in the future "if the need arises," the company added. related investing news As Coinbase shares slide, Morgan Stanley lists major firms with potential FTX exposure Ganesh Rao 2 days ago It has also received $50 million in commitments from crypto -native investment firms including Jump Crypto, Polygon Ventures, and Animoca Brands. Binance CEO Changpeng Zhao shared the public wallet address showing its initial commitment an...