Binance chief unveils plan for cryptocurrency recovery fund

The founder of the world’s largest cryptocurrency trading platform has unveiled plans for a $1 billion-plus recovery fund to help to keep companies afloat after the collapse of FTX.

Changpeng Zhao, the cryptocurrency billionaire and chief executive of Binance, a rival currency exchange, said several other crypto firms had committed money to his Industry Recovery Initiative and claimed that the total size of the fund could swell to $2 billion.

Companies and entrepreneurs would be able to draw on the funds amid signs of a liquidity squeeze as traditional investors from venture capital and private equity have second thoughts about the crypto industry. Binance said it had already had 150 applications from firms seeking support.

The industry has been badly shaken by the demise of

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