Binance will establish an Industry Recovery Fund to assist the cryptocurrency industry

Following the demise of crypto exchange FTX, Binance CEO CZ announced the creation of an industry recovery fund to assist projects that are otherwise solid but are experiencing liquidity issues.

Before diving into this piece, you may want to catch up on some relevant stories, like the Bahamas Securities Regulator freezing SBF's FTX assets and how BlockFi blocked withdrawals following the FTX meltdown.

CZ is referring to strong initiatives in the ecosystem, although it is experiencing a liquidity problem as a result of the FTX crash. CZ also invited other industry participants to participate in this research if they had the finances.

Crypto is not going away. We are still here. Let’s rebuild.

@trondao @HuobiGlobal @Poloniex echo @cz binance's offer to contribute to this industry recovery fund and assist excellent builders and developers recover from the crisis, tweeted Tron creator Justin Sun.

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