Binance, the largest exchange, intends to open a fund to help crypto projects facing a liquidity crisis. Plans to support the sphere. Announced platform leader Changpeng Zhao. According to him, the implementation of this initiative will help mitigate the effect of the collapse of FTX.
Previously, the FTX cryptocurrency exchange turned to Binance for help in connection with a liquidity crisis. Binance initially planned to buy some of the competing assets, but later dropped the potential deal. Last week, FTX filed for bankruptcy, after which the platform was hacked. The company admitted a loss of $380 million, experts estimated the damage at $600 million. FTX’s problems caused the biggest drop in the Bitcoin rate since 2020, on November 9 it fell below $16 thousand.
In connection with the crisis, the head of Binance called on industry participants to come together and support the fund. Tron blockchain founder Justin Sun has already written that Huobi Global and Poloniex exchanges will participate in the project.
During his speech at a conference in Indonesia, Zhao also called for the industry to be more transparent. According to him, the players in the sphere need to work more closely with global regulators.
Author:
Natalia Gormaleva
Source: RB
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