Cryptocurrencies

Binance CEO Zhao flags possible $1 bln and more for distressed digital assets sector

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Binance Holdings Ltd. is aiming for a roughly $1 billion fund for the potential purchase of distressed assets in the digital-asset sector, its Chief Executive Officer Changpeng Zhao said.

“If that’s not enough we can allocate more,” Zhao, also known as CZ, said in an interview Thursday with Bloomberg Television’s Haslinda Amin.

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Zhao has been a key figure in a period of tumult for crypto. His tweets highlighting concerns about the health of Sam Bankman-Fried’s rival FTX exchange and trading house Alameda Research spurred their collapse.

Binance cemented its position as the world’s largest crypto trading platform following FTX’s chaotic slide into bankruptcy.

Last week, Zhao said Binance plans an industry recovery fund to help strong projects facing a liquidity squeeze. The goal is to curb the contagion from FTX’s wipeout, he said, attempting to take on the garb of crypto’s rescuer-in-chief.

In the Thursday interview, Zhao said a blog post about the fund is coming soon and that Binance spoke to a number of industry players about it.

“We are going with a loose approach where different industry players will contribute as they wish,” he said.

This year’s deep crypto rout has lopped about $80 billion off Zhao’s personal fortune but at $15 billion it still far exceeds anyone else in crypto, according to the Bloomberg Billionaires Index.

Read more: FTX collapse reminds us how seductive get rich quick schemes are

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