Crypto exchange Binance has allocated another $1 billion for its industry recovery fund, effectively doubling the size of the fund within just one week.
The additional allocation was announced by Binance’s CEO.
Binance won’t be on its own. Aptos Labs and Jump Crypto, along with other prominent crypto companies joined Binance’s initiative and will contribute $50 million to the fund.
The crypto market has seen a massive decline since the start of the year, leading to several crypto firms going out of business.
The recovery fund will be used to buy distressed crypto assets and support the industry.
