(Commonwealth Union)_Binance plans to commit $1 billion to a planned industry recovery fund, while its CEO announced plans for its US-based business to make a second offer for the assets of bankrupt cryptocurrency loan firm Voyager.
Binance CEO Changpeng Zhao spoke to BloombergTV on November 24 about a variety of subjects in what has been a turbulent month for the cryptocurrency sector. Among them was Binance’s proposed industry recovery fund, which would provide financial assistance to potential projects in financial trouble. Following FTX’s now-infamous collapse, the exchange’s creator proposed the concept.
Zhao stated that the fund’s specifics would be disclosed on the exchange’s blog in the coming days, with a “loose” structure and contributions from other members of the cryptocurrency ecosystem. “There’s been some back and forth about whether to make it a loose fund or an actual fund. I believe we’re taking a loose approach, with different industry participants contributing as they see fit.”
According to the Binance CEO, the fund will be open to the public, with contributors directed to a centralised, transparent blockchain address. Zhao also stated that the fund is likely to go active by the end of 2022, while promoting a six-month road map for the industry’s recovery.
According to the article, Binance.US is considering a new bid for the assets of the now-bankrupt Voyager Digital. The loan company was one of just a few to fail in the aftermath of the Terra crash in May 2022.
The Binance CEO also stated that the exchange will reconsider certain of FTX’s assets or operations. Before its stunning collapse in November 2022, Binance explored purchasing Sam Bankman- Fried’s exchange.
Zhao stated that FTX had made investments in a number of projects, some of which may be “salvageable” and interesting if and when they become available.
