New $1 billion budget from Binance for crypto recovery fund. Other top crypto players, including Aptos Labs and Jump Crypto, have joined the Binance initiative.
Crypto exchange Binance has raised $1 billion in its corporate recovery fund, increasing the size of the fund to more than $2 billion. The other limit was announced by Binance CEO Changpeng “CZ” Zhao on Friday.
The increase in size comes a day after CZ said that Binance is targeting $1 billion for its crypto recovery fund. Aptos Labs, Jump Crypto, and other crypto companies have joined the Binance plan and will contribute $50 million to the fund.
The recovery money will be used to buy difficult crypto assets and support the company. The crypto market has seen a huge decline since the beginning of the year, causing many crypto businesses to close.
The crypto market continues to be under pressure, with BTC trading up 1.6% on the day, hovering around $16,400 at the time of writing.