Binance has committed $2 billion to the firm’s crypto rescue fund as it aims to help rebuild the industry. Binance founder and CEO Changpeng Zhao said the so-called Industry Recovery Initiative (IRI) would possibly buy up some of the ailing crypto projects acquired by the now-defunct exchange FTX.
- Binance’s recovery initiative already has 150 applicants
- Binance is weighing a buyout of FTX’s assets
FTX’s collapse now leaves CZ’s industry-leading giant to play white knight in the industry.
(by Brenda Ngari)
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