One of the most talked about topics of the past week was the emergence of FTX’s “sister company”, one of the world’s largest cryptocurrency exchanges, to fund Alameda Research, a crypto money trading platform with “fictitious coins”. Afterwards, Binance announced that it would buy FTX first and then announced that it gave up on this purchase.
After all these events, while FTX filed for bankruptcy, the company’s CEO Sam Bankman also resigned and lost billions of dollars in two days. On top of these avalanche events, Binance stopped the deposits of FTX’s own currency, FTT.
Aid fund for cash-strapped projects from Binance
Changpeng Zhao (CZ), CEO and founder of Binance, announced in a statement on his Twitter account today that they will set up a “charity fund” for projects that relied on FTX and Alameda Research and remained in the void after this fiasco. According to CZ’s statement, this fund has announced that it will establish a fund to help projects that have already reached a certain point, which are considered strong by the community, but in need of cash.
He stated that these investors will be located in Binance Labs and that both Binance and outside investors can invest in the projects. CZ also stated that his doors are open to those who want to invest in projects.
CZ also noted that projects that already have a strong community but need cash should apply to Binance Labs. “Crypto isn’t going anywhere. We are still here. Let’s rebuild,” said CZ, and with this step, it is expected to reactivate the crypto market. Some investors and analysts claim that CZ’s move will play a big role in the growth of both Binance and projects that need help.
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