Blockchain operator Tron DAO and billionaire founder Justin Sun has applied to contribute to Binance’s industrial recovery fund.
Binance publishDetails of the fund yesterday, after CEO Changpeng Zhao revealed plans to launch the fund. Along with others such as Jump Crypto, Polygon Ventures, Aptos Labs, Animoca Brands, GSR, Kronos, and Brooker Group have agreed to an initial total of about $50 million.
“We have applied for this fundraiser,” said a Tron DAO spokesperson.
Binance hopes the fund can mitigate the damage done to the crypto industry by the collapse of Sam Bankman-Fried’s empire. and a variety of businesses affected by the FTX collapse, from investment firms to early-stage DeFi projects.
The fund aims at remaining economically viable and creative projects. But it faced liquidity problems as a result of the FTX crisis.
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