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Binance CEO Reveals Crypto Industry Fund; Markets Explode

The crypto market is on its way to recovery following the latest announcement made by the CEO of Binance. Check out the latest reports below.

Crypto market state

The announcement from Binance CEO Changpeng Zhao has triggered an immediate rise in the price of Bitcoin and the overall crypto markets.

Zhao explained to everyone that he’s forming an “industry recovery fund” to support companies and projects that are struggling with liquidity in the aftermath of the collapse of FTX.

“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.”

He continued and said the following:

“Also welcome other industry players with cash who wants to co-invest. Crypto is not going away. We are still here. Let’s rebuild.”

Bitcoin has rallied from a 24-hour low of $15,906 to a high of $16,580.

CZ explains FTX collapse

The CEO of the world’s largest crypto exchange is revealing why the potential deal with former competitor and bankrupt firm FTX failed to go through.

During an interview at the 2022 Indonesia Fintech Summit, Changpeng Zhao said that rescuing FTX from bankruptcy did not make sense for Binance from both business and legal standpoints.

“From our perspective, the deal did not make sense from a numbers front. From a financial perspective, it’s a big hole. From new users, we have very high overlap. We cover all the regions they cover, and they have much less users than us. From a technology or product perspective, I think we have a superior product. They don’t have anything that we don’t have.”

Stay tuned for more news from the crypto space and make sure to check out the markets as well.

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