Binance Aims To Cement Its Position With $1 Billion For Distressed Assets
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Binance CEO Changpeng Zhao (a.k.a. “CZ”) has been a key player in the crypto market over the past few turbulent weeks. It wasn’t until his tweet about FTX’s credibility and the announced sale of all Binance-owned FTT tokens that a bank run on FTX and subsequent Chapter 11 bankruptcy filing occurred.
Since FTX was one of the world’s largest exchanges, concerns about possible contagion effects that are still unknown are very high, as is currently the case with Genesis Trading.
Therefore, CZ has already announced last week an industry recovery fund led by his exchange to help companies who are facing a liquidity shortage through no fault of their own.
Zhao continued to say that Binance Holdings Ltd. is seeking a fund of about $1 billion for the potential acquisition of distressed assets in the industry.
“If that’s not enough, we can provide more,” Zhao also revealed. With the fund, Binance, for all its good intentions, may also be trying to cement its position as the market-leading crypto exchange.
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