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Crypto exchange Binance is aiming for a $1 billion fund for the potential purchase of distressed digital assets, according to CEO Changpeng Zhao (CZ) in an interview.
CZ hinted that more funds could be allocated, saying, “If that’s not enough, we can allocate more.”
Last week, Zhao announced plans for an industry recovery fund to aid strong projects facing a liquidity crunch.
Zhao stated a blog post about the fund will be published soon and that Binance has spoken with a number of industry players about it. “We are going with a loose approach where different industry players will contribute as they wish,” he stated.
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