Billionaire Changpeng Zhao Wants to Save Crypto

The cryptocurrency industry seems to have a new savior to save it from plunging into an unprecedented slump.

Just over three days after the FTX cryptocurrency exchange filed for Chapter 11 bankruptcy, a new player is emerging to try to reassure investors.

This is Binance, the world’s leading exchange for bitcoin and other digital currencies such as ether (ETH), dogecoin (DOGE), Polkadot (DOT) or Avalanche (AVAX). Binance, founded by crypto billionaire Changpeng Zhao, has just announced the creation of a fund that will serve as a bank for crypto firms facing a liquidity crisis.