Binance CEO Aims To Raise $1-B To Save Crypto Companies
Cryptocurrency exchange Binance is aiming for a roughly $1 billion fund for the potential purchase of distressed assets in the digital sector, Bloomberg News reported, citing an interview with Chief Executive Officer Changpeng Zhao, Akanksha Khushi reported for Reuters.
Photo Insert: Binance chief CZ Zhao said such a fund would help "reduce further cascading negative effects of FTX" without giving an exact figure for the fund.
He said such a fund would help "reduce further cascading negative effects of FTX" without giving an exact figure for the fund.
The crypto market is teetering after the collapse of FTX, which is seeking Chapter 11 bankruptcy protection in the United States.
Several crypto firms have been bracing for the fallout from the FTX collapse, with many counting their exposure to the exchange in millions, Bloomberg News also reported.
Major crypto player Genesis said last week it had suspended customer redemptions in its lending business, while BlockFi is reportedly preparing to file for bankruptcy.