Binance is ready to spend $2 billion to support the cryptocurrency industry

The largest cryptocurrency exchange Binance announced the allocation of funds to overcome the challenges faced by the industry after the collapse of the exchange FTX.

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Binance has announced $1 billion to support the industry. The funds will go into a fund to help rebuild the cryptocurrency industry. This was announced by the head of Binance Changpeng Zhao (Changpeng Zhao). He stressed that the exchange "does everything transparently," and shared the address of the wallet with a balance of $1 billion.

The cryptocurrency industry support program will last at least six months. Binance does not exclude that if necessary, the amount of funding can be increased to $2 billion. Several companies have joined the initiative, including Jump Crypto, Polygon Ventures, Aptos Labs, Animoca Brands, GSR, Kronos and Brooker Group. They transferred $50 million to the fund.

Source: Binance