Binance intends to allocate $1 billion for a proposed industry recovery fund, while its CEO revealed intent in a new bid for assets of bankrupt cryptocurrency lending firm Voyager by its United States-based business.
Binance CEO Changpeng Zhao touched on a number of topics in what has been a tumultuous month for the cryptocurrency ecosystem. Chief among them was Binance’s proposed industry recovery fund, which is aimed at providing financial support to promising projects in financial distress. The exchange’s founder introduced the idea in the wake of FTX’s now-infamous collapse.
The fund will be publicly viewable according to the Binance CEO, with contributors set to send funds to a central, transparent blockchain address. Zhao also noted that the fund is expected to go live before the end of 2022 while touting a six-month road map within which he expects to see the industry recover.
The report also noted that Binance.US is interested in a new bid for assets belonging to the now-bankrupt Voyager Digital. The lending firm was one of a handful to go bust in the wake of the Terra collapse in May 2022.
