Binance CEO Doubles Crypto Venture Recovery Fund Target to $2 Billion!
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Answer Binance CEO Doubles Crypto Venture Recovery Fund Target to $2 Billion!
Since the collapse of cryptocurrency exchange FTX, Binance CEO CZ has been actively working to create a recovery fund to help struggling, but fundamentally strong companies.
Besides, Binance has also doubled its fundraising plans from $1 billion to $2 billion now.
During the interview conducted by CZ on Thursday, November 24, CZ said that the Cryptocurrency Venture Recovery Fund will include co-investors to support crypto projects facing liquidity pressures.
And he said:
We take a loose approach where different players will contribute to the industry as they wish.
Some well-known names like Polygon Ventures, Jump Crypto, Animoca Brands, Aptos Labs, Kronos, GSR, and Brooker Group have already pledged $50 million.
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The Binance chief said he is looking forward to limiting the damage to the crypto sector from the FTX collapse.
Binance has not yet confirmed the amount it is willing to give.
But the sources said that the potential contribution of Binance far outweighs commitments made by other companies.
David Adams, portfolio manager for the King River Digital Assets Fund, told Bloomberg:
The market will watch the fund’s public portfolio address closely to see if it attracts a significant amount of capital other than Binance, as this will indicate the breadth of industry support for stabilization.
CZ credibility at stake with cryptocurrency venture recovery fund?
Although the Binance boss is taking this opportunity to build his credibility in the crypto space, the fact that his tweets sparked a turn of events at FTX has raised some questions.
Some lawmakers from the British Parliament have also asked Binance to explain the circumstances surrounding “Zhao” tweets on November 6 that hastened the collapse of FTX.
Lawmakers are keen to know whether the company understood the impact of those tweets.
Read:Bitcoin “BTC” is on a different upward trajectory this time
Hayden Hughes, CEO of Alpha Impact social trading platform, said:
There is too much uncertainty in the market for the recovery fund itself to be the catalyst that turns everything around.
We still don’t know how widespread the infection is.
However, I think we are at or close to the bottom and I don’t expect the markets to go much lower from here.
On the other hand, regulatory tensions with Binance still exist because Binance has licenses in many jurisdictions without an official base anywhere.
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