Binance's Zhao flags possible US$1B for distressed assets
BNN Bloomberg
Crypto billionaire Changpeng “CZ” Zhao further outlined his plans to backstop the stricken industry, pledging to amass at least US$1 billion for buying distressed assets and saying his Binance.
In an interview Thursday with Bloomberg Television's Haslinda Amin, Zhao provided the most detailed overview yet of the various deals Binance is examining in the wake of rival FTX's messy collapse. The centerpiece of Zhao's plan is gathering partners for a fund aimed at backing promising but cash-strapped crypto projects.
“We are going with a loose approach where different industry players will contribute as they wish,” he said. Zhao added that he'll soon publish a blog post providing more detail about the fund.
Zhao said he's seeking to limit damage to the crypto sector from FTX's implosion -- an event the Binance chief himself helped accelerate with a Nov. 6 tweet about plans to sell a US$530 million holding of FTX's native digital token. Before his empire fell, FTX founder Sam Bankman-Fried had agreed to several deals that are now in limbo, including the purchase of Voyager.
