Binance’s Zhao flags possible $1B for distressed assets- Bloomberg News

📆 11/24/2022 3:20 PM
📰 inquirerdotnet

⏱ Reading Time:
7 sec. here
2 min. at publisher
📊 Quality Score:
News: 6%
Publisher: 86%

Coin Coin Headlines News

Coin Coin Latest News,Coin Coin Headlines

Cryptocurrency exchange Binance is aiming for roughly a $1-billion fund for the potential purchase of distressed assets in the digital sector, Bloomberg News reported, citing an interview with Chief Executive Officer Changpeng Zhao. | Reuters

Zhao hinted at the possibility of allocating more funds in the interview. “If that’s not enough we can allocate more”, he said.Zhao said while speaking at a conference in Abu Dhabi last week that there was significant interest from industry players in a recovery fund his company plans to launch to help cryptocurrency projects facing a liquidity squeeze, following the collapse of rival FTX.

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

Write Comment

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Coin Coin Latest News, Coin Coin Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Close to 1,000 victims lose investments in alleged cryptocurrency scamIn Joseph Morong’s report on “24 Oras” on Wednesday, victims John and Ced (not their real names) recalled investing thousands of dollars in virtual currency only for the application to be shut down last November 5. John and his friends invested $8,000 or approximately P500,000 while Ced put in $3,000 or around P170,000.
Source: gmanews - 🏆 11. / 68 Read more »