CZ: $1 billion recovery fund will be used to acquire troubled crypto assets

Binance News · 2022-11-24T09:00:17.000Z

Binance founder and CEO Changpeng Zhao (CZ) said in an interview with Bloomberg that the industry recovery fund will have $1 billion to acquire distressed crypto assets, and relevant details will be disclosed soon. Talking about the industry recovery fund, CZ said that it has recently been in contact with many different industries. The fund structure will be very open, rather than a behind-the-scenes operation. Through the information on the chain and the wallet address, the in and out of the money flow will be clear. Currently, it has We are nearing the final stage and will publish an article on the blog soon explaining the details. CZ added that roughly speaking, the industry needs rescue now, and fund operations will be promoted on a daily basis. At this stage, US$1 billion will be allocated to acquire distressed crypto assets. If it is insufficient, more can be considered. , the current plan is to observe for a period of 6 months. If there is still funds remaining after 6 months and the industry has recovered by then, we can also discuss it in the long term. Talking about the recent difficulties faced by the encryption industry, CZ emphasized that even if some industry participants fall, more entrepreneurs will continue to innovate and learn on this basis. The industry may be injured, but it will survive in the long run. , which is the characteristic of decentralized industry.

In an interview with Bloomberg, Binance founder and CEO Changpeng Zhao (CZ) said that the industry recovery fund will have $1 billion to acquire troubled crypto assets, and relevant details will be made public soon.
Talking about the industry recovery fund, CZ said that he has recently been in contact with many different industries. The fund structure will be very public, rather than a behind-the-scenes operation. Through on-chain information and wallet addresses, the inflow and outflow of funds will be clear. It is currently approaching the final stage and an article will be published on the blog soon to explain the details.
CZ added that, roughly speaking, the industry needs rescue now, and the fund operation will be promoted on a daily basis. At this stage, 1 billion US dollars will be allocated to acquire troubled crypto assets. If it is insufficient, more can be considered. The current plan is to observe for a period of 6 months. If there is still money left after 6 months and the industry has recovered by then, long-term plans can be made.
Talking about the difficulties faced by the crypto industry recently, CZ emphasized that even if some industry participants fall, more entrepreneurs will continue to innovate and learn on this basis. The industry may be hurt, but it will survive in the long run. This is the characteristic of the decentralized industry.