Colin Wu, a blogger and journalist of China's crypto fashion, shared that at the recent AMA ("Tell me about other issues" conference), the relevant person in charge of Binance Changpeng Zhao (CZ) said that Binance would cooperate with Vitalik Buterin, co founder and CEO of Ether.
A recovery fund has been launched for the giant encryption enterprises that are more deeply involved in the liquidity crisis.
Together, they plan to establish a new method to help crypto exchanges verify their reserves, thereby proving that they have sufficient liquidity.
It happened that CZ rushed ahead after the scandal broke out with FTX, urging the exchange to share the confirmation of risk reserves. FTX lends user assets to its attached online trading platform Alameda Research.
Small details of the new project were not released. However, Binance Exchange will serve as a service platform for demonstration sites here.
Earlier today, CZ shared on Twitter that Binance was establishing a repair fund for encrypted indoor space. It also helps encryption projects that are "strong in other aspects" but have great liquidity problems or are in a liquidity crisis.
He asked the qualified projects to contact Binance Laboratory. CZ also invited many crypto game players to add and cooperate in this field. This measure has been applied by Justin Sun, founder of Tron and user of Firecoin Exchange.
When asked whether FTX is a strong project with liquidity crisis, Zhao Changpeng explained, "A fraud company or fraud will never be called a strong project."
At the beginning of the FTX crisis, CZ clearly proposed to purchase, and Binance signed an unconstrained letter of intent to preserve the right to withdraw anytime and anywhere. They immediately achieved the ultimate goal, which shows that FTX is too difficult for them to help.