Following FTX's now-famous collapse, the exchange's founder proposed the idea. Changpeng 'CZ' Zhao stated that the fund would have a 'loose' structure
Binance, the world's largest crypto exchange, has pledged $1 billion to a recovery fund to assist promising crypto companies and projects in financial trouble. It was reported that Binance CEO Changpeng 'CZ' Zhao and several deputies met with investors in Abu Dhabi last week to raise funds for a crypto industry recovery fund.