Binance aims to allocate $1 billion to its proposed industry recovery fund, says CZ_binance.
Zhao said that details of the fund were due to be published on the exchange’s blog in the coming days, adopting a fairly “loose” structure with contributions from other members of the cryptocurrency ecosystem:
“There’s been back and forth on how to structure that, do we make it a loose fund or an actual fund? I think we’re kind of going with a loose approach where different industry players will contribute as they wish.” The fund will be publicly viewable according to the Binance CEO, with contributors set to send funds to a central, transparent blockchain address. Zhao also noted that the fund is expected to go live before the end of 2022, while touting a six-month road map within which he expects to see the industry recover.
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