Binance Invests in Eight New Projects After Announcing Recovery Fund

Binance Invests in Eight New Projects After Announcing Recovery Fund

• Binance CEO Changpeng Zhao declares eight new investment deals.
• While the investment amount is small, the Binance founder finds them to be “good projects.”
• Binance has announced an “industry recovery fund” to help the market recover from the FTX collapse.

Leading cryptocurrency exchange Binance’s founder, Changpeng Zhao announced on Twitter that the platform has recently signed eight new deals. He stresses that while the investment amount is comparatively minimal, the projects seem promising to the Binance team.

Just signed 8 investment deals. All small amounts, but good projects (we think).

— CZ Binance (@cz_binance) November 16, 2022

During the Abu Dhabi Finance Week, Zhao stated that each project is unique and quite different from the others, packing a lot of potentials. He believes that their tokens will skyrocket undoubtedly and hence, he has decided to finance them directly.

Zhao took the Abu Dhabi Finance Week to a whole new level with announcements, deal signings, and most prominently, receiving Financial Services Permission from the Abu Dhabi government’s Financial Services Regulatory Authority (FSRA).

Securing this permission has enabled Binance to operate a range of financial services officially across Abu Dhabi, the financial center of UAE’s capital.

The crypto exchange founder pushed the uncertainty and fear surrounding investors and users across the crypto ecosystem due to the collapse of Sam Bankman-Fried’s crypto exchange FTX by announcing an “industry recovery fund.”

The fund is built to support a fundamentally-sound crypto-project currently suffering from liquidity issues. Zhao added,

To reduce further cascading negative effects of FTX, Binance is forming an industry recovery fund to help projects who are otherwise strong, but in a liquidity crisis.

Moreover, Zhao mentioned that Binance would be focusing on the exchange’s native token, BNB. He further notes that a series of upgrades and additional announcements await for the BNB token that will unlock many new achievements for the company, as well as the crypto landscape.

The post Binance Invests in Eight New Projects After Announcing Recovery Fund appeared first on Coin Edition.

See original on CoinEdition