© Reuters. TOP PHOTO: Changpeng Zhao, Chief Executive Officer of Binance attends the B20 Summit, ahead of the G20 leaders’ meeting, in Nusa Dua, Bali, Indonesia, November 14, 2022. REUTERS/Willy Kurniawan
(Reuters) – Cryptocurrency exchange Binance is seeking up to $1 billion in capital to buy distressed assets in the digital sector, Bloomberg News reported on Thursday, citing an interview with Chief Executive Officer Changpeng Zhao.
Zhao also hinted at the possibility of giving more money to the negotiations. “If it’s not enough we can distribute more”, he said.
Zhao said in a speech at a conference in Abu Dhabi last week that there was a lot of interest from industry players in the recovery fund his company wants to set up to help use the cryptocurrency facing a liquidity squeeze, following the collapse of the enemy FTX.
He added that such a fund would help “reduce the problems caused by FTX” without giving the exact number of the fund.
The crypto market is booming after the collapse of FTX, which is seeking Chapter 11 bankruptcy protection in the United States.
A number of crypto companies have been desperate to recover from the FTX collapse, with many estimating that they are facing millions.
Major crypto player Genesis said last week it had suspended customer redemptions in its lending business, while BlockFi said it was planning to refinance.