Thread by @zignaly

(1/6) Real Participants envision, assert, and aid in the evolution of crypto markets!
The world’s largest #cryptocurrency #exchange @binance & CEO @cz_binance announces $1bn commitment to the #IndustryRecoveryFund as a part of their #industry building process✨🧵🔥
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(2/6) With the ongoing #FTX saga and call for i) #transparency, and ii) #support, #Binance came forward as the market leader. For transparency, Binance shared its wallet addresses with funds, and now announces its fund to “reduce further cascading negative effects of FTX” 💳💼🌐

(3/6) Since #FTX rapid winddown, market participants were found worried for crypto contagion which was affecting each corner of the industry. With initial flowing details, the aim of this fund is to prop up struggling players in the wake of FTX and affiliated #bankruptcies📈💎🛍️

(4/6) The Industry Recovery Fund has already received $50M commitments from crypto-native investment firms including #JumpTrading, #PolygonVentures, and #AnimocaBrands🔥🔥

(5/6) To back-up the transparency element, CEO of @binance #ChangpengZhao (referred to as CZ) shared the public wallet address confirming its initial commitment of $1bn in Binance-owned #BUSD-coin. The fund could be topped up to $2bn in the future if the need arises! 🔥🔥

(6/6) The fund is an attempt by #Binance to help build the #Crypto #Industry, strengthening it from such failures. #Zignaly takes pride in being associated with such Market Builders 🛍️📈💎