Binance Targets $1B For Its Crypto Recovery Fund

Crypto exchange Binance is targeting $1 billion or more for it’s recovery fund, its CEO Changpeng "CZ" Zhao has told Bloomberg.

Binance’s crypto recovery fund aims to aid distressed crypto assets and crypto asset providers having liquidity issues.

CZ had announced that Binance would be launching a recovery fund "to help projects who are otherwise strong, but in a liquidity crisis."

The exchange will follow a "loose approach where different industry players will contribute as they wish," CZ said told Bloomberg.

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