Binance commits $1bn for crypto recovery initiative

Cryptocurrency exchange Binance said on Thursday it was committing $1 billion to establishing an industry recovery initiative to invest in companies from the digital assets sector. The move comes at a time when the crypto market is teetering from the collapse of FTX. The unraveling of one of the biggest crypto exchanges in the world has also fanned worries around the industry’s continued ability to draw investments from venture capital and private equity giants.

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

“We anticipate this initiative will last about six months and will be flexible on the investment structure — token, fiat, equity, instruments, debt, credit lines, etc,” the crypto exchange said.