The CEO of Binance has been working tirelessly trying to make sure that their users are not panicking. Currently, the cryptocurrency market has dropped dramatically. Some investors are losing hope and pulling out their funds. The panic followed after the collapse of one of the well-known Cryptocurrency Exchanges (CEX) called FTX. Collapse is claimed to be as a results of mismanagement of funds by the CEX’s CEO.
Reserves and liquidity
Binance is forming an industry recovery fund to reduce further cascading negative effects of FTX. They believe this will 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. Also welcome other industry players with cash who wants to co-invest. Crypto is not going away. We are still here. Let’s rebuild.
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
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