Billionaire Changpeng Zhao is exploring a $1,000,000,000 fund to buy distressed crypto assets.

Binance CEO Changpeng Zhao has stated that he plans to create a multi-billion dollar fund to rescue troubled crypto assets.

In a new interview with Bloomberg TV, the billionaire said he plans to create a $1 billion fund to bail out troubled crypto assets. says that The fund aims to help players in the crypto space weather, the effects of the FTX crash, and the crypto winter over the next six months.

“We’re thinking about allocating a billion dollars first. And then, if it’s not enough, we can allocate more. And if that’s a lot, we have about six months, if there are funds left at the end of six months and there are not many projects – Hopefully the industry will have recovered by then – if there is any unused money we can withdraw it.”

According to a recent Binance blog post, the company plans to allocate $1 billion initially to the fund, which is called the Industry Recovery Initiative (IRI), and could double that amount to $2 billion if the need arises.

“The mandate of this new effort is the soutenir of the entrepreneurs and the projets of the plus number of promising artists and the most high quality construits by the best technologues and entrepreneurs who, sans que ce soit de leur faute, are not confronted with the difficulty of the most important financiers and so on. Short term. What makes this initiative unique is the collaborative approach to restoring trust in Web3. »

Zhao earlier this month announced plans to set up the fund, but did not give specifics at the time.

According to Binance, projects can apply for funding online. The company says it has received about 150 applications to date and is looking to distribute funds to projects that demonstrate innovation, long-term value creation, a viable business model and risk management.

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