2022-11-24 17:11:49

Binance deploys $1 billion to keep crypto industry afloat after FTX collapse

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CNBC
By Ryan Browne

Key Points

  • Binance said it will devote $1 billion in initial commitments to the recovery fund.
  • It may increase that amount to $2 billion at a point in time in the future if the need arises, the company added.
  • Since FTX's rapidwinddown, investors have worried about a crypto contagion affecting every corner of the industry.

Binance's Co-founder & CEO Changpeng Zhao has given several interviews discussing the outlook for cryptocurrency following a turbulent couple of weeks in the market.

NurPhoto / Contributor / Getty Images

Cryptocurrency exchange Binance on Thursday announced new details about its industry recovery fund, which aims to prop up struggling players in the wake of FTX's calamitous bankruptcy.

In a blogpost, Binance said it will devote $1 billion in initial commitments to the recovery fund. It may increase that amount to $2 billion at a point in time in the future if the need arises, the company added.

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