Crypto exchange Binance is creating a fund to help potentially strong projects that are having liquidity issues.
Binance CEO Changpeng Zhao said that the fund aims to reduce the cascading negative effects of the collapse of FTX by helping projects that the Binance CEO described as strong, but in a liquidity crisis.
While Zhao did not provide all the information on which projects would qualify, he told teams who believe they may fit the criteria to contact Binance Labs, the exchange’s venture capital arm. He also called upon other industry players interested in co-investing to get in touch with them.
As the crypto markets continue to experience turmoil, a known crypto skeptic started to blame crypto billionaires as the reason for slowing down developments in regulating the space. United States Representative Brad Sherman said that efforts by billionaire crypto bros in lobbying and contributing to campaigns have been successful in deterring meaningful legislation.
