Binance Launches a Recovery Fund for Crypto Projects Struggling with Liquidity

Binance Launches a Recovery Fund for Crypto Projects Struggling with Liquidity

Justin Sun, the founder of Tron, stated that Tron, Huobi Global, and Poloniex will back Binance in their endeavor.

Binance CEO Changpeng "CZ" Zhao has announced the establishment of an industry recovery fund to aid in the rebuilding of the industry.

CZ stated that further information would be released in the following days and that the fund is accessible to industry co-investors.

Justin Sun, the founder of Tron, stated that Tron, Huobi Global, and Poloniex will back Binance in their endeavor. Huobi Global acknowledged this in a tweet as well.

This announcement comes just a month after Binance Pool announced a $500 million lending facility for struggling bitcoin miners.

Binance's BNB Token is up 3% as a result of the news. Bitcoin and Ether both gained 4% following the announcement.

CZ said Monday at the B20 Summit in Indonesia that he wanted the industry and regulators to take responsibility for cleaning up their act.

"We will try to collect the other industry players together to form an industry association globally, and try to deal with some of the common standards in business," CZ said, citing recent crypto market occurrences as justification for the project to take place "very soon."

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