CZ welcomes cryptocurrency organizations to take part in the industry recovery fund.

CZ, who leads Binance—the largest cryptocurrency exchange—has invited players in the crypto space to be a part of the 'industry recovery fund.'

Following the bankruptcy of FTX, which is the second-largest cryptocurrency exchange, the fund aims to mitigate further negative repercussions stemming from this significant disruption in the crypto realm. For context, Bitcoin recently dropped to a low of $15,757—an unsettling level reminiscent of November 2020. High-profile NFT projects also plummeted in trading volume as owners of prime NFTs faced losses. looked for liquidity There’s really no need to highlight the current frailty of the industry.

On November 8, Binance’s chief, Changpeng Zhao, made headlines by announcing plans to acquire FTX. However, after careful evaluation, he decided against it, citing that Binance lacked the necessary resources to address FTX's financial issues. the company’s plans Despite the unfortunate outcome of the acquisition attempt, Zhao remains committed to reviving the crypto sector. Today, he announced the creation of the recovery fund and extended an invitation to major players in the industry to band together with Binance in supporting projects experiencing liquidity challenges. CZ's tweet indicated that the firm plans to provide more information about this initiative soon.

He also encouraged other industry stakeholders with financial means to join in as co-investors, stating, 'Crypto isn’t going anywhere. We’re still here. Let's work together to rebuild.'

Justin Sun, the visionary behind the Tron blockchain, was quick to respond to Binance's call for collaboration. As a result, the Tron blockchain, along with exchanges like Huobi Global and Poloniex, will be contributing to this recovery effort.

writes CZ in a tweet . 

"I'm joining this initiative to contribute to the industry recovery fund and assist talented builders and developers in bouncing back from this crisis! ❤️\"

Changpeng Zhao, the visionary founder and CEO of Binance.

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