Cryptocurrency exchange currency, Binance has announced its intention to establish an industry recovery fund in the wake of the FTX crisis.
According to Nairametrics, recent tweets from CEO of Binance, Changpeng Zhao, caused dramatic price jumps across the cryptocurrency market.
Mr. Zhao announced the formation of an industry recovery group to support initiatives that are “otherwise solid” but are having trouble paying their bills.
He continued by saying that his organization would form an industry recovery committee to lessen the effects of FTX’s negative effects.
“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 tweeted.