Cryptocurrency exchange Binance announced on its blog that $1 billion has been allocated to the cryptocurrency industry recovery fund, whose funds will be used to support market participants who are facing difficulties after the collapse of the FTX crypto exchange. The stock market added that this amount could be increased to 2 billion in the future, “if necessary.”

A number of cryptocurrency investment firms have joined the initiative, including Jump Crypto, Polygon Ventures, and Animoca Brands, which have committed a total of $50 million.

Binance CEO Changpeng Zhao shared the public address of a wallet with a balance of $1 billion in Binance’s own BUSD stablecoin. “We do it transparently”, – he took notes. More than a week ago, Changpeng Zhao pledged to raise a fund for the recovery of the cryptocurrency industry, after Binance customers withdrew more than $2.6 billion in cryptocurrencies from the cryptocurrency exchange’s accounts, following the panic following FTX’s bankruptcy. 6 days.

Binance said that this program will take about six months. Applications from investors for the promotion of additional funds are only welcomed. The crypto exchange reports that around 150 companies have already applied to support the fund.