Binance to Launch Industry Recovery Fund to Help Troubled Crypto Firms

Binance to Launch Industry Recovery Fund to Help Troubled Crypto Firms

The world’s largest cryptocurrency exchange has announced the Industry Recovery Fund, a program aimed at assisting crypto firms facing liquidity crises.

The move came just a few days after the collapse of FTX exchange, one of the world’s largest cryptocurrency exchanges, an event that has drastically been affecting many crypto projects and firms.

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About the Binance Industry Recovery Fund 

As per Monday’s tweet by Binance CEO, Changpeng Zhao, the Industry Recovery Fund will be used to lift sinking crypto firms and according to him, crypto firms in such a situation should reach out to its investment arm Binance Labs for eligibility.

“To reduce further cascading negative effects of FTX, Binance is forming an industry recovery fund, to help projects who are otherwise strong, but in a liquidity crisis,” said CZ.

Further to this, CZ called on crypto investors who might be interested in supporting the program to reach out to Binance, he, however, concluded that he will share every necessary information as more details unfold.

Binance help is coming at a time when many crypto firms are struggling to keep their heads above the water, different events that have happened this year from the collapse of the Terra ecosystem to the bankruptcy of crypto lenders and FTX has affected many crypto firms in one way or the other, with this program, many firms facing liquidity crisis will be able to survive for the time being.

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