The world’s leading cryptocurrency exchange, Binance, has announced new details about its industry recovery fund to support market players going through tough times after FTX’s controversial bankruptcy.
In a blog post, Binance said it will dedicate $1 billion to its initial commitments to the recovery fund. The company added that it could increase that amount to $2 billion in the future “if needed”.
Binance has also received $50 million in commitments from crypto-specific investment firms, including Jump Crypto, Polygon Ventures, and Animoca Brands, CNBC reported.
‘FTX WAS MANAGED LIKE A HOUSE’
Binance CEO Changpeng Zhao shared his public wallet address, showing his initial commitment. Zhao, on the subject; “We do this transparently.” The public blockchain data reviewed showed a balance of approximately $1 billion in Binance’s own BUSD stablecoin.
At the first hearing in the bankruptcy case on Tuesday, the company’s lawyer made the gruesome allegation that FTX was run like Bankman-Fried’s “personal asylum.”
