Billionaire Changpeng Zhao Explores $1,000,000,000 Fund to Buy Distressed Crypto Assets

Binance CEO Changpeng Zhao said he plans to set up a $1 billion fund to rescue struggling crypto assets.

In an interview with Bloomberg Television, the billionaire said the fund aims to help those in the cryptocurrency space weather the FTX crash and the crypto winter over the next six months.

“We’re looking at setting aside $1 billion first. Then, if that’s not enough, we can allocate more. If it’s too much, we’re fishing for maybe six months, and if there’s unused funds after six months, And there aren’t that many projects – and hopefully the industry will recover by then – and if there’s unspent money, we can get it back.”

According to a recent Binance blog post, the company plans to put $1 billion into the fund, dubbed the Industry Recovery Initiative (IRI), which could be doubled to $2 billion if needed.

“The mission of this new effort is to support the most promising and high-quality companies and projects built by the best technologists and entrepreneurs who, through no fault of their own, are facing significant short-term financial difficulties . What is unique about this initiative is the collaborative approach to restoring confidence in Web3.”

Zhao Benshan announced his intention to set up the fund earlier this month, but gave no details at the time.

According to Binance, projects can apply for funding online. The company said it has received around 150 applicants so far and is looking to allocate funding to projects that demonstrate innovation and long-term value creation, viable business models and risk management.

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The post Billionaire Changpeng Zhao Explores $1,000,000,000 Fund to Buy Distressed Crypto Assets appeared first on The Daily Hodl.

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