Cryptocurrency exchange Binance Holdings has pledged $1 billion in a recovery fund to help troubled crypto assets. CEO Changpeng Zhao, more popularly known as “CZ,” has promised to pledge even more money if this amount is not enough, as he revealed to Bloomberg Television on November 24. Last week, CZ announced that he would contribute money to a recovery fund “to help projects who are otherwise strong, but in a liquidity crisis.” The company is even open to contributions from other industry players if they wish to. The crypto world’s collapse, triggered by the FTX fiasco, has endangered the existence of several crypto firms.
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