- Binance CEO “CZ” proposed a similar industry recovery fund on Monday.
- OKX’s goal is to provide assistance to high-quality projects that are struggling.
On Tuesday, OKX, a cryptocurrency exchange, announced the availability of $100 million in recovery funds to assist initiatives experiencing liquidity challenges. At a time when the crypto market was continuing to sink due to the FTX crisis, Binance CEO “CZ” proposed a similar industry recovery fund.
OKX, a cryptocurrency exchange, tweeted on November 15 that it will be launching a $100 million project ecological assistance plan with OKXChain and OKX Demo Day.
Crypto Market Recovery Fund
Moreover, OKX’s goal is to provide assistance to high-quality projects that are struggling due to issues such as lack of finance. The cryptocurrency trading platform is committed to helping projects succeed by offering ecological, technical, and liquidity assistance to those that qualify while they undergo migration.
As the FTX issue dragged the cryptocurrency market down, Binance’s CEO “CZ” proposed a similar industry recovery fund on Monday. To assist long-running, successful enterprises weather the crypto market liquidity crisis, Binance has established a recovery fund.
Binance’s recovery fund has received encouragement from the likes of Justin Sun, founder of Tron, and cryptocurrency exchange Huobi. Justin Sun thinks it will help the firms and developers bounce back from the recession. In addition, Celsius’ biggest investor, Simon Dixon, intends to make a contribution to the industry recovery fund.
After Binance launched the Crypto Market Recovery Fund, the cryptocurrency market climbed. Bitcoin and Ethereum both saw price increases of over 6%, with Ethereum seeing a 7% increase. The upswing injected some much-needed optimism into the cryptocurrency market, although with muted trading activity. The OKX Recovery Fund will help boost investor confidence even further.
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