The cryptocurrency exchange Binance has added another $1 billion to the industry recovery fund, raising the total size of the fund to almost $2 billion.
Changpeng “CZ” Zhao, CEO of Binance, made the additional allocation public on Friday.
Yesterday, #Binance allocated ANOTHER $1 billion to the industry recover initiative. All in BUSD.
— CZ 🔶 Binance (@cz_binance) November 25, 2022
A day after CZ stated that Binance is aiming for $1 billion for its crypto recovery fund, the size has increased. Along with other well-known cryptocurrency businesses, Aptos Labs and Jump Crypto joined Binance’s initiative and will each make a $50 million donation to the fund.
The industry would be supported and troubled crypto assets would be purchased using the recovery fund. Since the beginning of the year, the cryptocurrency market has experienced a sharp downturn, which has caused a number of crypto enterprises to close their doors.
With bitcoin (BTC) trading 1.6% lower throughout the day and sitting around $16,400 at the time of writing, the cryptocurrency market is still under pressure.