Cryptocurrency exchange Binance aims to help industry participants who are experiencing a “slight liquidity crunch” and are in talks with more than 50 companies. Changpeng Zhao, the head of the platform, spoke about this on the Bankless podcast.

According to him, the crisis in the digital asset market is leading to industry consolidation – more successful players are trying to enter capital or take on problematic projects.

On July 1, BlockFi CEO Zach Prince announced that the US division of the FTX exchange will issue a $400 million revolving loan to the landing platform and will receive an option to buy the company for $240 million.

Zhao noted that Binance may have been the first to take advantage of the buying opportunity, but did not.

“These deals you see in the news are often the first to contact us. “I am confident that we now have the largest cash reserves,” he said.

The CEO of the exchange said that the liquidity crisis in the market increased the number of transactions in the USA. He said that while the US division of FTX focuses on local companies, Binance has a more global reach.

He stressed that exchanges do not compete in this regard. Zhao also reiterated the thesis that “not all projects are worth saving.”

“We don’t want to save badly managed companies. We want to assist market participants who are experiencing a slight liquidity crunch during this cycle. We are currently in talks with over 50 people,” said the Binance president.

According to Zhao, his organization feels comfortable in a bear market thanks to its large cash reserves and an understanding of the cyclical nature of what’s going on. The billionaire hopes to use the current situation to expand his expert staff.

We want to reach 8,000 employees by the end of the year.”

Recall that in June 2022, Zhao stated that the crypto winter is the right time to expand the team and further develop the business through various acquisitions.

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