Binance CEO Changpeng "CZ" Zhao’s latest announcement on Twitter has triggered a rebound in the prices of Bitcoin BTC/USD, Ethereum ETH/USD and other cryptocurrencies.
What Happened: CZ said he’s forming an “industry recovery fund” to support “strong” companies and projects that are struggling with liquidity in the aftermath of the collapse of FTX, saying he would reveal more details soon.
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. 1/2
— CZ 🔶 Binance (@cz_binance) November 14, 2022
See More: Best cryptocurrencies to hedge against inflation?
Price Moves: Apex coin BTC rose 4.6%, ETH 5.37% and Dogecoin DOGE/USD over 6.56% in the last hour. Solana SOL/USD was up 12%, and Polygon MATIC/USD by 6%, providing relief to altcoins as well.
CZ has asked all the companies facing liquidity crunch to contact Binance Labs. When a user asked if FTX would have qualified for this category, CZ replied, “Liars or fraud never qualify as strong projects. This is for other projects in the ecosystem,” CZ responded.
He has also welcomed other industry players with cash who want to co-invest. “Crypto is not going away. We are still here. Let's rebuild."
Photo courtesy: Web Summit On Flickr
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