BENGALURU: Cryptocurrency exchange Binance said on Thursday (Nov 24) it was committing US$1 billion (RM4.49 billion) to establishing an industry recovery initiative to invest in companies from the digital assets sector.
The move comes at a time when the crypto market is teetering from the collapse of FTX, which is seeking Chapter 11 bankruptcy protection in the United States.
The unravelling of one of the biggest crypto exchanges in the world has also fanned worries around the industry’s continued ability to draw investments from venture capital and private equity giants.
Binance said it intends to ramp up its commitment amount to US$2 billion in the near future depending on need.
“We anticipate this initiative will last about six months and will be flexible on the investment structure – token, fiat, equity, convertible instruments, debt, credit lines, etc,” the crypto exchange added in a statement.
Zhao said while speaking at a conference in Abu Dhabi last week that there was significant interest from industry players in a recovery fund his company plans to launch to help cryptocurrency projects facing a liquidity squeeze, following the collapse of rival FTX.
He said such a fund would help “reduce further cascading negative effects of FTX” without giving an exact figure for the fund.
Several crypto firms have been bracing for the fallout from the FTX collapse, with many counting their exposure in millions to the beleaguered exchange. – Reuters
Source: The Sun Daily
A word from our sponsor:
Need Help With Your Personal Finance / Money Issue or need a coach to help you structure or just want to learn the financial skill to self manage your financial matters and retirement. iLearnFromCloud.com
Need to solve a problem quickly, now you can solve it by learning the art of problem solving Art Of Problem Solving
Feeling hungry. Latest food news from Best Restaurant To Eat Malaysian Food and Travel Blog
Memory loss. Need to organize better. Solve problem fast with Free Mind Mapping Software Mind Mapping 101
Need A Customized System Development for your business or Going Paperless XPERT TECHNOLOGIES - Empowering The Paperless Economy
No comments:
Post a Comment