Justin Sun supports the Binance recovery fund! Tron DAO has applied to participate in Binance’s multi-billion dollar corporate recovery fund. The application comes after seven major crypto companies were revealed as the first contributors yesterday. Blockchain operator Tron DAO and Justin Sun, its billionaire founder, have filed for participation in Binance’s corporate recovery fund.
Binance released details of the currency yesterday when CEO Changpeng Zhao announced plans to launch it. Binance poured the first billion dollars into the car. So far, Jump Crypto, Polygon Ventures, Aptos Labs, Animoca Brands, GSR, Kronos, and Brooker Group have confirmed initial collective commitments of up to $50 million.
Justin Sun and TRON DAO Supports Binance!
“We don’t know the status. Different players may contact Binance at different times. We have already applied to participate in this investment, and we will get back to you soon,” a Tron DAO spokesperson told The Block. A Binance spokesperson could not confirm the application when contacted. Binance hopes that the money can mitigate some of the damage done to the crypto industry by the collapse of Sam Bankman-Fried’s crypto firm empire, at the center of which is the crypto exchange FTX.
Various companies in the industry have been affected by FTX’s failure, from investment companies to the first DeFi projects. By design, corporate incentive contributions can be audited using blockchain analytics. Binance said in its blog yesterday that its investment could increase to $2 billion “in the near future if the need arises.”
The fund will focus on projects that are considered economically viable and innovative but face liquidity problems due to the FTX crisis.