Binance CEO Changpeng “CZ” Zhao says that his exchange is setting up an industry recovery fund to help rebuild the industry.
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.
CZ said that more details will be announced in the coming days, and said that the fund is open to industry co-investors.
Tron founder Justin Sun said that Tron, Huobi Global, and Poloniex will support Binance in its initiative. Huobi Global also confirmed this in a tweet.
This announcement comes a month after Binance Pool said it was committing $500 million in the form of a lending facility for struggling bitcoin miners.
Binance’s BNB Token is up 3% on the news. Bitcoin and Ether also both gained 4% after the announcement was made.