Binance's $1 billion Industry Recovery Initiative fund will be open and accessible on a public address for about 6 months.
Binance has set up a fund to rebuild the crypto industry following the fallout from its peer FTX’s collapse earlier this month, which will entail a $1 billion commitment from the crypto exchange giant.
It comes after Binance founder Changpeng Zhao told Bloomberg on Thursday that he regretted not tweeting about FTX sooner. Binance said it’s open to “exploring other deal structures”, targeting traditional financial institutions that may not be able to send money to a public address.
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