Nov. 24 (UPI) -- Cryptocurrency exchange Binance said Thursday is leading an effort to prop up the industry after competitor FTX tanked earlier this month.
In a blog post, Binance unveiled the company's industry recovery initiative, which will devote $1 billion to support "promising" companies and projects that are facing "significant, short term, financial difficulties."
Binance recruited investors Jump Crypto, Polygon Ventures, Aptos Labs, Animoca Brands, GSR, Kronos and Brooker Group, which together committed $50 million to the plan.
The exchange says it has received about 150 applications from crypto companies looking for assistance.
FTX owes $3.1 billion to creditors
