After previously adding $1B in BUSD to the fund and following complaints, Changpeng “CZ” Zhao, CEO of Binance, has added yet another $1B in BUSD to the crypto Industry Recovery fund.
On November 25, the CEO of Binance, “CZ,” tweeted that Binance has committed another $1 billion to the effort to revive the sector. The fund balance has climbed to nearly $2 billion after receiving an additional $1 billion in BUSD.
“Yesterday, Binance allocated ANOTHER $1 billion to the industry recovery initiative. All in BUSD.”
The CEO of Binance declared a $1 billion first commitment on November 24. Depending on demand, he committed to raising the commitment level in the near future to $2 billion. While $50 million is pledged by other businesses including Jump Crypto, Polygon Ventures, Aptos Labs, Animoca Brands, GSR, Kronos, and Brooker Group.
The public address for Binance’s inaugural commitment reveals the wallet has over $1 billion in total token holdings, according to Etherscan statistics. According to PeckShieldAlert, the remaining $1 billion in BUSD tokens are accessible through the “Binance 7” address.
Justin Sun, the creator of Tron, and Tron DAO have submitted an application to contribute funding to Binance’s “Industry Recovery Initiative.” The financing participants will seek initiatives that exhibit innovation, long-term value generation, a distinct business strategy, and a concentration on risk management.
The cryptocurrency market rebounded on Wednesday from its low points as Binance and other participants sought to assist projects in resolving their liquidity problems. However, there is ambivalence among traders as the cryptocurrency values drift sideways.
At $16,447, the price of one bitcoin has decreased by 1% during the last 24 hours. While Ethereum’s price dropped by about 2%, trading at $1,179 at the moment.
