Binance CEO Changpeng Zhao met with investors in Abu Dhabi to raise cash for the crypto industry recovery fund.
CZ continues to work to save the industry.
Binance CEO Meets With Investors
CZ met with several investors, including affiliates of UAE National Security Advisor Sheikh Tahnoon Bin Zayed. Information on the size of the fund and which projects will be supported has not been shared yet. The fund is scheduled to be established in a few weeks.
A Binance spokesperson told Bloomberg that the meetings focused on global regulatory issues.
Binance CEO said last week that a recovery fund has been created to help crypto projects in liquidity crisis. CZ also outlined six principles that crypto platforms have set to avoid a similar fate to FTX.
After the collapse of FTX, the crisis in the crypto industry continues to deepen. The other day, crypto platform Genesis also announced that they could go bankrupt if they could not find funds.
Making a statement on the subject, CZ denied that he had spoken to investors in a statement on Twitter.
https://twitter.com/cz_binance/status/1595096692654759938
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