Binance CEO Changpeng “CZ” Zhao and several deputies met with investors in Abu Dhabi last week in an effort to raise funds for a crypto industry recovery fund, according to people familiar with the matter.
Zhao’s move comes after FTX declared bankruptcy earlier this month. Following this, Zhao announced on Twitter that Binance would establish a recovery fund “to assist projects that are otherwise strong but are experiencing a liquidity crisis.” Last week, Zhao met with potential backers, including UAE national security adviser Sheikh Tahnoon Bin Zayed, according to the report.
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Binance CEO Changpeng “CZ” Zhao and several deputies met with investors in Abu Dhabi last week in an effort to raise funds for a crypto industry recovery fund, according to people familiar with the matter.
Zhao’s move comes after FTX declared bankruptcy earlier this month. Following this, Zhao announced on Twitter that Binance would establish a recovery fund “to assist projects that are otherwise strong but are experiencing a liquidity crisis.” Last week, Zhao met with potential backers, including UAE national security adviser Sheikh Tahnoon Bin Zayed, according to the report.
Disclaimer
We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.
