Binance CEO Changpeng “CZ” Zhao’s latest announcement on Twitter has triggered a rebound in the prices of Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and other cryptocurrencies.
What Happened: CZ said he’s forming an “industry recovery fund” to support “strong” companies and projects that are struggling with liquidity in the aftermath of the collapse of FTX, saying he would reveal more details soon.
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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Price Moves: Apex coin BTC rose 4.6%, ETH 5.37% and Dogecoin (CRYPTO: DOGE) over 6.56% in the last hour. Solana (CRYPTO: SOL) was up 12%, and Polygon (CRYPTO: MATIC) by 6%, providing relief to altcoins as well.
CZ has asked all the companies facing liquidity crunch to contact Binance Labs. When a user asked if FTX would have qualified for this category, CZ replied, “Liars or fraud never qualify as strong projects. This is for other projects in the ecosystem,” CZ responded.
He has also welcomed other industry players with cash who want to co-invest. “Crypto is not going away. We are still here. Let’s rebuild.”
Read Next: Bitcoin, Ethereum, Dogecoin Head For New Lows As Crypto.com, BlockFi Add To FTX Scare — A Bear Market Worse Than 2018?
Photo courtesy: Web Summit On Flickr
