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Binance’s Zhao Flags Possible $1 Billion for Distressed Assets

  • Binance will make another bid for bankrupt Voyager Digital
  • Zhao adopting a “loose approach” for industry rescue fund
Bloomberg business news
WATCH: Changpeng ‘CZ’ Zhao discusses the FTX fallout and the possibility of setting up a $1 billion fund for distressed crypto assets.Source: Bloomberg
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Crypto billionaire Changpeng “CZ” Zhao further outlined his plans to backstop the stricken industry, pledging to amass at least $1 billion for buying distressed assets and saying his Binance Holdings Ltd. will make another bid for bankrupt lender Voyager Digital.

In an interview Thursday with Bloomberg Television’s Haslinda Amin, Zhao provided the most detailed overview yet of the various deals Binance is examining in the wake of rival FTX’s messy collapse. The centerpiece of Zhao’s plan is gathering partners for a fund aimed at backing promising but cash-strapped crypto projects.