Binance's crypto recovery fund grows to $2 billion

Early Friday morning, Binance CEO Changpeng Zhao said the company committed another $1 billion to its "relief fund" aimed at helping troubled businesses in the crypto industry.

Binance's efforts have been accelerated in the wake of FTX's collapse earlier this month, which resulted in the company, once valued at $32 billion, filing for bankruptcy protection and leaving the crypto industry frozen in its wake.

Earlier this month, Binance walked away from a purported deal to buy FTX.

Binance's recovery fund, which now totals $2 billion, is targeted at distressed opportunities in the industry and already has 150 applications from companies seeking support, according to the company.

Yesterday, #Binance allocated ANOTHER $1 billion to the industry recover initiative. All in BUSD.