June 9, 2023
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Binance Donates $1 Billion to Rescue Industry Cryptocurrency Market Hit by FTX Incident

The aftermath of the collapse of the large-scale cryptocurrency exchange FTX after its bankruptcy has affected the entire “currency circle”. In addition to the sharp drop in cryptocurrency prices, other smaller exchanges and related companies are facing crises. The largest exchange in the industry, Binance, announced that it will spend 1 billion US dollars to establish an industry relief fund, hoping to avoid the collapse of the industry.

Binance announced the establishment of the industry relief fund “Web3 Industry Recovery Initiative” on its official blog. It has injected $1 billion in BUSD as the initial capital. In the future, it is more likely to double the investment to $2 billion, and the operation of the fund will It will be done in an open and transparent manner. In addition to Binance, other large players in the industry including Jump Crypto, Polygon Ventures, Aptos Labs, Animoca Brands, GSR, Kronos, and Brooker Group have expressed their support.

According to Binance, about 150 applications have been received so far, and companies participating in the plan will each review the application to decide whether to approve it. Their goal is to assist promising industry companies to overcome short-term severe financial difficulties. In addition to funding, there will be assistance in technical implementation and fundraising.


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Ewen Eagle

I am the founder of Urbantechstory, a Technology based blog. where you find all kinds of trending technology, gaming news, and much more.

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