Binance to Commit $1B for Crypto Recovery Initiative
Seeking Alpha2022-11-25
- Binance Holdings is aiming for a roughly$1B fund for the potential purchase of distressed assets in the digital-asset sector and will make another bid for bankrupt lender Voyager Digital, its CEO Changpeng Zhao said.
- The move comes at a time when the crypto market is teetering from the collapse of FTX, which is seeking Chapter 11 bankruptcy protection in the United States.
- Binance said it intends to ramp up its commitment amount to $2B in the near future depending on need.
- This year’s deep crypto rout has lopped about $80B off Zhao’s personal fortune but at $15B it still far exceeds anyone else in crypto, according to the Bloomberg Billionaires Index.
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