The CEO of Binance denies saying he is seeking funds from the Middle East for the recovery fund
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Answer The CEO of Binance denies saying he is seeking funds from the Middle East for the recovery fund
In a recent tweet, CZ, the CEO of Binance, denied that he was seeking funds from Abu Dhabi-based investors in order to form a cryptocurrency venture recovery fund.
Earlier yesterday, Bloomberg reported that CZ went to the United Arab Emirates last week to solicit funding from potential backers.
The report, which quoted anonymous sources, stated that the head of Binance held discussions with entities linked to His Highness Prince Tahnoun bin Zayed Al Nahyan, a prominent member of the royal family in Abu Dhabi.
The rumored meetings focused primarily on organizational aspects, including establishing preservation requirements.
Read:Bitcoin Reaches New Historic High, Ripple Still in Trouble
In the wake of the collapse of cryptocurrency exchange FTX, Binance announced its plan to launch a recovery fund to help crisis-hit projects with liquidity problems.
Details on how crypto companies can qualify for funding are scant at this time.
Earlier, prominent economist Nouriel Roubini sharply criticized a fund proposal to bail out cryptocurrency projects, claiming that CZ is shadier than disgraced FTX founder Sam Bankman-Fried.
CZ brushed off Roubini’s comments and confirmed that he will work with Ethereum founder Vitalik Buterin to develop a new platform proof-of-stake method.
Read:The mining-based Ethereum ecosystem continues to grow
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