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After announcing a recovery fund, Binance invests in eight new projects

David – Crypto Speculator 

  • Changpeng Zhao, CEO of Binance, announces eight new investment transactions

  • The founder of Binance believes that despite the little investment, they are "excellent enterprises"

  • In order to aid the market's recovery following the FTX meltdown, Binance has launched an "industry recovery fund"

Changpeng Zhao, the founder of the top cryptocurrency exchange - Binance, tweeted those eight new contracts had just been signed on the exchange. He emphasizes that even though the investment is very small, the initiatives appear to have the potential for the Binance team.

Zhao said during Abu Dhabi Finance Week that each project is distinct from the others and has a lot of promise. Since he is convinced that their tokens would surely increase in value, he has chosen to finance them. Zhao raised the bar for the Abu Dhabi Finance Week with his announcements, contract signings, and most notably, his receipt of the Financial Services Permission from the Financial Services Regulatory Authority of the Abu Dhabi government (FSRA).

Having this authorization has allowed Binance to formally provide a variety of financial services throughout Abu Dhabi, the financial hub of the capital of the UAE.

By proposing an "industry recovery fund," the creator of the cryptocurrency exchange increased the uncertainty and worry that investors and customers were feeling owing to the failure of Sam Bankman-cryptocurrency Fried's exchange FTX.

The fund was created to help a cryptocurrency investment startup that is fundamentally good but is presently experiencing liquidity problems. Zhao added “Binance is creating an industry recovery fund to assist projects that are otherwise solid but are experiencing a liquidity issue to lessen the cascading negative impacts of FTX.”

Zhao also stated that Binance will concentrate on BNB, the exchange's native coin. He adds that the BNB coin is due for a number of improvements and new announcements that will open up a number of new opportunities for the business and the cryptocurrency industry.

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