Binance to commit US$1 billion for crypto recovery initiative

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The story "Binance to commit US$1 billion for crypto recovery initiative" was covered 2 months ago by Channel News Asia, a news publisher based in Singapore.

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Binance to commit US$1 billion for crypto recovery initiative - Channel News Asia

Quick Summary:

Cryptocurrency exchange Binance said on Thursday (Nov 24) it was committing US$1 billion to establishing an industry recovery initiative (IRI) to invest in companies from the digital assets sector.

He said such a fund would help "reduce further cascading negative effects of FTX" without giving an exact figure for the fund.

Binance said it intends to ramp up its commitment amount to US$2 billion in the near future depending on need.