Crypto exchange Binance has allocated another $1 billion for its industry recovery fund, effectively increasing the size of the fund to over $2 billion.
The additional allocation was announced by Binance CEO Changpeng “CZ” Zhao on Friday.
The size increase comes a day after CZ said that Binance is targeting $1 billion for its crypto recovery fund. Aptos Labs, Jump Crypto, along with other prominent crypto companies joined Binance’s initiative and will contribute $50 million to the fund.
The recovery fund would be used to buy distressed crypto assets and support the industry. The crypto market has seen a massive decline since the start of the year, leading to several crypto firms going out of business.
The crypto market continues to be under pressure, with BTC trading 1.6% lower during the day, hovering at around $16,400 at the time of writing.
Read more: Jump Crypto, Aptos Labs Commit to Binance-Led $1B Recovery Fund
This article has been originally published at: https://www.coindesk.com/business/2022/11/25/binance-allocates-another-1b-for-its-crypto-recovery-fund/