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Will the currency cycle welcome a new defender? Binance’s Changpeng Zhao to set up $1 billion fund

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cryptocurrency exchange FTX suddenlybankruptcycurrency board formedStormOn this occasion, Binance CEO Changpeng Zhao said that he is working to set up an industry recovery fund of about US$1 billion to recover distressed digital assets.

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Changpeng Zhao said in an interview with Bloomberg TV on the 24th: “If these funds are not enough, we can allocate more.” Thing. He added that the move is aimed at curbing the domino effect caused by the collapse of FTX, reflecting Binance’s attempt to act as the captain of the fire brigade in the currency circle.

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Changpeng Zhao has recently become a prominent figure in the currency circle. He expressed concern about the health of Bankman-Fried (SBF) FTX and trading firm Alameda Research through earlier tweets, which hastened the downfall of both companies.

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Binance cements its position as the world’s largest cryptocurrency exchange as FTX files for bankruptcy.

Changpeng Zhao said in the interview that Binance has discussed the matter with many people in the currency circle, and a blog post about the fund will be published soon. “We are taking a loose approach where different industry players will be able to contribute as they wish,” he said.

According to Bloomberg BillionairesindexThis year’s big shock in the currency cycle has reduced Zhao Changpeng’s net worth by 80 billion US dollars, but his net worth is still much higher than other people in the currency cycle.


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