December 9, 2022

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

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

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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.

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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.

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“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

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