By Larry Wright
Binance CEO, Changpeng Zhao, has recently claimed that the company is setting up a recovery fund to assist struggling crypto firms. The step has managed to restore the traction of Bitcoin among investors. As a result, the remainder of the cryptocurrency market has also started printing green across the board.
The aim of the fund, as per CZ, is going to provide liquidity for the cryptocurrency firms that are struggling in this regard.
As per Binance, the action is the result of the incident of FTX collapse. CZ claims that this move is directed to restore the balance of the cryptocurrency sector that has sustained damages on account of the FTX insolvency.
Struggling Cryptocurrency Organizations can Seek Help from Binance
Binance is currently offering assistance to organizations that are struggling to meet their liquidity requirements. These enterprises can contact the Binance management to find out whether they qualify for the relief package or not.
On the other hand, any other financial enterprises are also invited to apply that wish to co-invest with the crypto sector.
He has reassured the cryptocurrency community members that the DeFi sector is here to stay, and it is not going anywhere. He also called on the community members to come together and join their efforts to rebuild the sector once again.
Following the announcement of the Binance recovery fund, Bitcoin prices have recovered from $15 to $16 per unit in the last 24 hours.
The fiasco of FTX has caught the eye of everyone in the financial sector all over the world. Therefore, the Binance recovery fund has helped cryptocurrencies like ETH to regain from $1180 to $1233 in the last 24 hours.
The latest reports about FTX account hacks have seen the user accounts plunging to zero, with millions of dollars worth of user funds disappearing in thin air.
On the other hand, SBF has recently posted some bizarre tweets that seem cryptic. The message has been considered something of a hint for the future proceedings of FTX.