December 9, 2022

Market and Financial News

Market and Financial News Aggregator

Crypto CEO pledges to build $1 billion fund to aid ailing industry

2 min read

FTX collapse has further spurred plan to gather partners for a fund aimed at backing cash-strapped crypto projects

Article content

Crypto billionaire Changpeng “CZ” Zhao further outlined his plans to backstop the stricken industry, pledging to amass at least US$1 billion for buying distressed assets and saying his Binance Holdings Ltd. will make another bid for bankrupt lender Voyager Digital.

Advertisement 2

Article content

In an interview Thursday with Bloomberg Television’s Haslinda Amin, Zhao provided the most detailed overview yet of the various deals Binance is examining in the wake of rival FTX’s messsy collapse. The centerpiece of Zhao’s plan is gathering partners for a fund aimed at backing promising but cash-strapped crypto projects.

Article content

“We are going with a loose approach where different industry players will contribute as they wish,” he said. Zhao added that…

Bloomberg News

2022-11-24 12:33:56

All news and articles are copyrighted to the respective authors and/or News Broadcasters. VIXC.Com is an independent Online News Aggregator


Read more from original source here…

Leave a Reply

Copyright © All rights reserved. | Newsphere by AF themes.