Cryptocurrency exchange Binance has announced that it will support strong projects that are short of liquidity to mitigate the impact of FTX events.
In the cryptocurrency market, a liquidity crisis erupted with the FTX collapse. Strong projects and exchanges work hard to provide liquidity. During the roughest times of the crypto bear market, strong support came from the Binance exchange. The popular exchange will launch a fund to support strong projects affected by the processes. Making a statement on the subject, Binance CEO Changpeng Zhao (CZ) stated that he wants to minimize the FTX effect.
Binance Launches Recovery Fund for Liquidity
The crypto money market, which had a difficult time with the FTX collapse, received strong support from the Binance exchange.
Binance CEO Changpeng Zhao (CZ) announced the support fund via Twitter. “Crypto is not going anywhere, we are still here,” CZ said. Also, CZ wants to rebuild the crypto industry.
Referring to the crypto industry that has been deeply affected by the FTX collapse, CZ will launch the recovery fund to overcome the difficult processes. With this fund, liquidity support will be provided to strong projects.
The popular exchange has requested projects that want to benefit from the funding to apply to Binance Labs. In addition, CZ stated that the details will be shared soon.
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