OKX Announces $100 Million Fund to Support Distressed Projects Following FTX Crash (Report)
The Seychelles-based crypto exchange – OKX – reportedly introduced a $100 million fund to aid companies with liquidity issues.
The world’s largest cryptocurrency platform – Binance – launched a similar initiative to reduce the negative effects of FTX’s collapse.
- According to the Chinese reporter Colin Wu, OKX will distribute $100 million across numerous projects that experience significant issues after the crash of FTX. It will also help entities migrate from Solana (which suffered heavily during the past several days).
OKX announced $100 million to support projects with liquidity issues and to migrate from the Solana. Binance previously announced similar plans. Huobi and Justin Sun said to join Binance’s rescue plan. https://t.co/vuIrkr3nuH
— Wu Blockchain (@WuBlockchain) November 15, 2022
- OKX argued that the bankruptcy of Alameda Research and FTX caused considerable losses and a shortage of market makers. Those events could lead to “pump and dump” schemes, which is why such funds are vital.
- Changpeng Zhao – CEO of Binance – revealed yesterday (November 14) that his company will form an industry recovery group to lessen the “cascading” adverse consequences of FTX’s downfall.
“More details to come soon. In the meantime, please contact Binance Labs if you think you qualify,” the boss outlined.
- Tron’s Founder – Justin Sun – argued that the current turbulent times are a great period when industry players should unite and help each other. As such, he vowed to support Binance’s recovery fund.
- Crypto exchanges Huobi Global and Poloniex also disclosed they will join forces with CZ’s trading venue.
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Text source: CryptoPotato
