coinedition.com
Binance CEO Changpeng Zhao, aka CZ, mentioned in one of his recent tweets that it is not the end of crypto. Zhao also stated that it is the beginning of a new chapter. He also took a screenshot of the current cryptocurrency prices for future reference.
It's not the end of crypto. Far from it. It's the beginning of a new chapter.
— CZ 🔶 Binance (@cz_binance) November 24, 2022
Just noted today’s crypto price for future reference. pic.twitter.com/WvOhqkncYK
Zhao has also been a key player in the cryptocurrency space. Even though Binance was founded in 2017, it has grown to be one of the largest crypto behemoths. CZ has also been trying to provide complete transparency on the exchange’s operations which might have led to its exponential growth in such a short span of time.
Binance has come as an aid for several firms during these financially troubled times. After the fall of FTX, Zhao revealed on November 14 that he would come up with an industry recovery fund. The fund will likely aid strong firms that are troubled only during liquidity crises.
Zhao also suggested that all exchanges follow the Merkle-tree proof-of-reserve audit practice. The merkle-tree proof-of-reserve will aid in providing complete transparency on the exchange’s holdings of funds. CZ also believed that this was necessary to instill the trust that the users lost with the fall of FTX.
Following the announcement, Zhao also revealed the hot and cold wallet addresses of Binance, along with details of different asset holdings. In one of the recent announcements, Binance also disclosed the details of the industry recovery initiative.
As per the details, Binance has set aside $1 billion for the fund, with a goal of ramping it up to $2 billion. Apart from the funding, the projects will also receive additional assistance from Binance.