Binance plans to provide the crypto recovery fund $1 billion.

Changpeng Zhao, CEO of Binance, wants to accumulate $1 billion for an industry recovery fund.

Binance plans to contribute $1 billion to a suggested industry recovery fund, and its CEO announced plans for a fresh offer for the assets of the defunct cryptocurrency loan company Voyager by its American subsidiary.

In an interview with BloombergTV on November 24, Binance CEO Changpeng Zhao discussed a variety of subjects related to the cryptocurrency ecosystem’s turbulent month.

The most notable of these was Binance’s proposed industry recovery fund, which aims to give money to potential enterprises in financial trouble. The concept was proposed by the exchange’s founder after FTX’s now-famous collapse.

Zhao stated that the fund’s specifics would be made public on the exchange’s blog in the upcoming days and would have a somewhat “loose” structure with contributions from other cryptocurrency ecosystem participants:

Do we make it a loose fund or an actual fund? That has been debated back and forth. I believe we’re taking a somewhat loose approach, allowing different business players to make their own contributions.
According to the CEO of Binance, the fund will be publicly available, and contributors will be required to pay money to a single, transparent blockchain address. While promoting a six-month road map under which he hopes to see the industry rebound, Zhao also mentioned that the fund is scheduled to go active by the end of 2022.

The article also mentioned Binance.interest US’s in a fresh offer for the now-bankrupt Voyager Digital’s assets. The loan company was one of just a few to fail after the Terra crash in May 2022.

Additionally, the CEO of Binance stated that the exchange would think about taking another look at some of FTX’s properties or businesses. Before the exchange Sam Bankman-Fried founded fell to pieces in a spectacular way in November 2022, Binance considered a deal to buy it out.

Zhao mentioned that FTX had made investments in a variety of initiatives, some of which might “be recoverable” and interesting if and when they become accessible.

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