Binance Plans a $2 Billion Recovery Fund
The crypto market is going through hell with multiple ups and downs and all the remaining players want to create a stable environment for their survival.
In the previous period, large crypto companies like FTX, Celsius Network, Voyager Digital, Three Arrows Capital and Compute North filed for bankruptcy and shake the market.
Binance’s goal for now is to create a Recovery Fund that will buy distressed companies to save the crypto deposits from their clients. Until now, the recovery fund has reached $1 billion in capital while more companies like Aptos Labs and Jump Crypto will contribute (with $50 million each), aiming to reach $2 billion in capital.
Already, Binance made an acquisition proposal to Voyager, after FTX’s collapse…