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In a tweet, Binance CEO Changpeng Zhao said that the fund aims to reduce the cascading negative effects of the collapse of FTX by helping projects that the Binance CEO described as “strong, but in a liquidity crisis.” While Zhao did not provide all the information on which projects would qualify, he told teams who believe they may fit the criteria to contact Binance Labs, the exchange’s venture capital arm. He also called upon other industry players interested in co-investing to get in touch with them.
"We will we will try to collect the other industry players together to form an industry association globally, and try to deal with some of the common standards in business," CZ said, citing recent crypto market events as a reason for the initiative to happen "very soon."
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