{"id":8536,"date":"2022-11-14T10:06:45","date_gmt":"2022-11-14T10:06:45","guid":{"rendered":"http:\/\/www.cryptoheretostay.com\/?p=8536"},"modified":"2022-11-14T10:06:46","modified_gmt":"2022-11-14T10:06:46","slug":"binance-to-launch-recovery-fund-for-strong-projects-with-liquidity-crisis","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=8536","title":{"rendered":"Binance to launch &#8216;recovery fund&#8217; for strong projects with liquidity crisis"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p>Binance CEO Changpeng \u2018CZ\u2019 Zhao revealed on Nov. 14 that the exchange would launch an industry recovery fund to help strong projects in a liquidity crisis.<\/p>\n<p lang=\"en\" dir=\"ltr\">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\/2<\/p>\n<p>\u2014 CZ \ud83d\udd36 Binance (@cz_binance) November 14, 2022<\/p>\n<p>CZ made the statement in light of the recent bear market liquidity crunch that has hit several crypto projects, forcing some of them out of business.<\/p>\n<p>According to CZ, the fund would be open to other industry players that want to invest. He added that more information would be provided about the initiative soon.<\/p>\n<p>CZ asked projects that believe they qualify for the fund to reach out to Binance Labs.<\/p>\n<p>In June, CZ said Binance was willing to help industry players survive and thrive even if the company did not gain anything from such help.<\/p>\n<p>Binance Pool had also\u00a0launched a $500 million lending facility to support the crypto mining industry.<\/p>\n<h2>Crypto community praises CZ initiative<\/h2>\n<p>The crypto community has welcomed CZ\u2019s initiative, with many hailing the idea as a welcome development.<\/p>\n<p lang=\"en\" dir=\"ltr\">Hey CZ, great idea. We\u2019ve actually been doing this already for good teams in the ecosystem that were unfairly affected. Happy to join forces on the recovery fund.<\/p>\n<p>\u2014 Quantstamp (@Quantstamp) November 14, 2022<\/p>\n<p lang=\"en\" dir=\"ltr\">That&#8217;s extremely nice, as we know that many good projects were affected by FTX. will be good if you could list all the approved ones too.<\/p>\n<p>\u2014 Sydney TheCMO.eth (@SydneyIfergan) November 14, 2022<\/p>\n<p>Tron (TRX)founder Justin Sun said his two exchanges, Huobi Global and Poloniex, would participate in the initiative. Sun said:<\/p>\n<p>\u201c(We would) participate in this industry recovery fund and help good builders and developers to recover from the crisis!\u201d<\/p>\n<p>Another major stakeholder that supported the fund was Simon Dixon \u2014 founder of the web3 investment firm Bnk to the Future. Dixon said he would like to join the fund and added that this should be an industry-wide effort.<\/p>\n<p lang=\"en\" dir=\"ltr\">Please DON&#8217;T do this.<br \/>If the business is struggling with Liquidity there is a reason.<br \/>Normally Mismanagement and incorrect hires.<br \/>Giving money to help those that are struggling just prolongs there ability to lessen their harm and place more direct harm on us the customers.<\/p>\n<p>\u2014 NerdzRin (@NerdzRin) November 14, 2022<\/p>\n<p>Meanwhile, some expressed reservations about the idea, asking how Binance would determine \u201cstrong projects.\u201d Some also pointed out that the fund shouldn\u2019t bail out projects facing a liquidity crisis because it shows failure on their part.<\/p>\n<h2>Get an Edge on the Crypto Market \ud83d\udc47<\/h2>\n<p>Become a member of CryptoSlate Edge and access our exclusive Discord community, more exclusive content and analysis.<\/p>\n<p>  <strong>On-chain analysis<\/strong><\/p>\n<p>  <strong>Price snapshots<\/strong><\/p>\n<p>  <strong>More context<\/strong><\/p>\n<p> Join now for $19\/month Explore all benefits<br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptoslate.com\/binance-to-launch-recovery-fund-for-strong-projects-with-liquidity-crisis\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Binance CEO Changpeng \u2018CZ\u2019 Zhao revealed on Nov. 14 that the exchange would launch an industry recovery fund to help strong projects in a liquidity crisis. 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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":8537,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[3],"tags":[],"class_list":["post-8536","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8536","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8536"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8536\/revisions"}],"predecessor-version":[{"id":8538,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8536\/revisions\/8538"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/8537"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8536"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8536"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8536"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}