.VitalikButerin and cz_binance to turn binance into proof-of-reserves pilot
Binance launches recovery fund for crypto projects
Earlier today, CZ took to Twitter to share that Binance is creating a recovery fund for the crypto space. It will lend a helping hand to crypto projects"who are otherwise strong" but have big liquidity problems or are in a liquidity crisis. He offered those projects that believe they qualify for this to contact Binance Labs. CZ also invited crypto players with money to spare to join in and co-invest in the industry. The initiative has already been supported by Justin Sun, founder of Tron and owner of Huobi exchange.
To reduce further cascading negative effects of FTX, Binance is forming an industry recovery fund, to help projects who are otherwise strong, but in a liquidity crisis. More details to come soon. In the meantime, please contact Binance Labs if you think you qualify. 1/2When asked if FTX was a strong project with a liquidity crisis, Changpeng Zhao explained that"liars or fraud will never qualify as strong projects.
When the FTX crisis had only just begun, CZ offered to buy it, and Binance signed a nonbinding letter of intention to do that, retaining the right to withdraw at any moment. They did exactly that later on, quickly, stating that the problems of FTX are so big that this is beyond their help.
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