Binance’s Crypto Rescue Plan Fails to Quell All the Fears of Post-FTX Contagion
- Exchange may commit up to $2 billion to aid troubled projects
- But crypto sector still unsure of fallout from collapse of FTX
Zhao Changpeng
Photographer: Benjamin Girette/BloombergThis article is for subscribers only.
Crypto mogul Changpeng “CZ” Zhao’s vow to set up a recovery fund of up to $2 billion to help cash-strapped startups failed to dispel all the sector’s contagion fears following the collapse of the FTX exchange.
In an interview Thursday with Bloomberg Television’s Haslinda Amin, Zhao gave more details on the deals his Binance Holdings Ltd. is examining in the wake of rival FTX’s bankruptcy. Key to Zhao’s plan is a fund with co-investors aimed at backing promising crypto projects facing a liquidity squeeze.