The CEO of Binance, Changpenh Zhao, wants to give $1 billion to the crypto recovery fund. He expressed his intention in a new bid for the assets of the bankrupt crypto lending firm Voyager. In an interview from November 24, Zhao discussed the tumultuous month the cryptocurrency ecosystem experienced, touching on many topics.
One of the main subjects of discussion was Binance’s proposed fund for recovering the crypto industry. Zhao wants to help promising projects that are now in financial distress. He introduced his idea following the FTX’s collapse, which is now infamous.
According to Zhao, the Binance blog will publish more details soon. The structure adopted by the exchange will be “loose.” Other cryptocurrency ecosystem members will bring their contributions as well.
Binance’s CEO also mentioned that there had been a lot of movement on how to structure the funding. He is curious to know if it should be an actual or a loose fund. However, contributors are welcome to approach it however they want.
Anyone will be able to view the fund, says Zhao. And contributors will send funds to a transparent and central blockchain address. The project should go live before 2022 ends, and the road map is for six months when the CEO expects the industry to recover.
As mentioned, Binance.US is also interested in making a bid for assets that belong to Voyager Digital, which is now bankrupt. The lending company was one of the few to get into trouble after the May 2022 collapse of Terra.
Zhao also mentioned that his exchange might give FTX’s businesses and assets a second look. Binance seemed interested in buying the exchange even before its November 2022 collapse. According to Zhao, FTX invested in a few projects that could be “saved” and raise interest when available again.