By Richard Hines
Binance has amended its strategy for the crypto recovery fund, raising the goal to $2 billion in anticipation of more involvement from the crypto community. Aptos lab and Jump Crypto, two significant businesses in the crypto world, have both expressed interest and contributed to this initiative.
Donations From Crypto Firms
Aptos Lab and Jump Crypto have committed $50 million to this recovery fund project, following in the footsteps of Binance CEO Changpeng Zhao.
Jump Crypto, a trading company, has delved into the project’s idea and has committed to it. Other companies, such as Polygon Ventures and the Animoca brand, have also contributed.
Aptos Lab, the foundation behind the Aptos blockchain, has also expressed its support for this cause by donating. Aptos blockchain the founder of the native token Aptos, which launched around October, began as a testnet in its early stages, rewarding users with testnet tokens for participating and utilizing its platform.
Following its launch, it experienced a large turnout in the crypto space as early adopters were handsomely rewarded for their involvement.
This crypto recovery fund will be utilized to purchase dumped crypto assets that have been impacted by the crypto market’s tumultuous status during the past 12 months. In this year alone, the crypto sector and enterprises have been impacted by the issue of indebtedness and liquidity, with some firms becoming liquidated and going bankrupt. Among these companies are FTX, Voyager, Celsius Network, and many others.
A Possible Increase In Fund Target
Binance earlier stated that if the targeted $1 billion crypto fund was unable to address all of these challenges, further funds will be allocated to it. According to estimates, CZ intends to raise this fund to $2 billion in the future.
CZ also stated his plan to utilize the Binance U.S. branch to make a bid for the now-defunct Voyager crypto lending enterprise. This new development came when FTX, which had planned to purchase the lending firm, was unable to do so after it crashed.
Binance has also made it available to community members who perceive the value in this crypto fund project to contribute to helping the cryptocurrency sector recover its footing. In addition, companies who feel they require this fund help could visit Binance labs for additional details.