The largest cryptocurrency-trading platform by volume has deployed the equivalent of US$1 billion in Binance’s stablecoin BUSD to a fund it said it will use to support high-quality crypto companies that “through no fault of their own, are facing significant, short term, financial difficulties.” (The Logic)
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The largest cryptocurrency-trading platform by volume has deployed the equivalent of US$1 billion in Binance’s stablecoin BUSD to a fund it said it will use to support high-quality crypto companies that “through no fault of their own, are facing significant, short term, financial difficulties.” (The Logic)
Talking point: Binance CEO Changpeng Zhao is moving ahead with a promise he made to launch the fund after the collapse of rival platform FTX, which has stoked fears of contagion that could take down other major players in the industry. In a post announcing the fund, Binance said it has already received 150 applications and may increase the fund to US$2 billion if necessary. A group of other crypto companies has committed an additional US$50 million, Binance said. In an interview with Bloomberg, Zhao said he also plans to revive Binance’s bid for the assets of once-Toronto Stock Exchange-listed Voyager Digital.
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