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On November 14, on the official Twitter page of Binance CEO Changpeng Zhao revealed about the creation of a new fund to help revive the blockchain industry after a difficult period.
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. More details to come soon. In the meantime, please contact Binance Labs if you think you qualify. 1/2
— CZ 🔶 BNB (@cz_binance) November 14, 2022
The CEO of Binance also highlighted the opportunity for potential projects and financial difficulties, which can be helped from the Binance Labs investment fund.
Also welcome other industry players with cash who wants to co-invest.
Crypto is not going away. We are still here. Let's rebuild.
2/2
— CZ 🔶 BNB (@cz_binance) November 14, 2022
Investors from other industries are also welcome to join the building of the crypto space.
Once again Changpeng Zhao affirmed the position of cryptocurrencies and called on the community to develop together:
“Cryptocurrency is not going away. We are still here. Let’s rebuild.”
Before that, the collapse of FTX had shaken and negatively affected the market. The community is interested in the stories surrounding Binance and FTX, as well as the transparency of exchanges in general.
Following the announcement of the Binance CEO about the upcoming direction for the blockchain industry, investors’ confidence in the market was strengthened. The bitcoin price has subsequently surged 3% to $16,532 at press time.
