Binance creates US$1b fund to support Web3 firms in wake of FTX collapse

Leading crypto exchange Binance has set up a US$1 billion recovery fund to shore up companies affected by the collapse of its former main rival FTX.
At least seven companies, including Hong Kong’s Animoca Brands, have committed to contribute to the fund, which aims to restore confidence in the Web3 industry.
Binance has earmarked US$1 billion for the fund and the amount could increase to US$2 billion if such need arises, the exchange platform said on November 25.
Beside Animoca Brands, other companies that have pledged to contribute are Jump Crypto, Polygon Ventures, Aptos Labs, GSR, Kronos, and Brooker Group, involving a total of approximately US$50 million.
The fund will yield support to struggling Web3 companies in the wake of the FTX’s fallout, through tokens, fiat, equity, convertible bonds, debt, and credit lines. About 150 companies have already applied for support from the fund.
In early November, Binance once considered a deal to rescue FTX but abandoned it later after due diligence. Shortly afterwards, FTX filed for bankruptcy in the U.S.
Art group teamLab’s NFT project explores nature of blockchain
Charity project uses NFTs to support research on cat kidney disease
[NFT.NYC] Teams, athletes and partners can help sports fans know better about NFTs’ role
Blockchain games, ‘play to fun’ and Japan’s Web3 investment in spotlight at IVS Crypto 2022 Naha
Netflix K-drama Extraordinary Attorney Woo launches NFTs to raise autism awareness
RTFKT to launch Clone X Forging Season One
Anthony Hopkins NFT series sell out in minutes
Broadcaster J-Wave creates metaverse studio
Internet support firm Digital Garage creates new Web3 research lab
Shohei Ohtani, Naomi Osaka among athletes sued over FTX fall
UAE’s Sharjah to launch metaverse city
DMM.com to launch ‘Kanpani Girls’ as first blockchain game
Art group teamLab’s NFT project explores nature of blockchain
Sake producer Asahi Shuzo to release Dassai-themed NFTs along with limited-edition sake
RTFKT to launch Clone X Forging Season One
NEO TOKYO CLASH event gives Shibuya crossing cyberpunk twist
Amazon looks set to enter Web3 with NFT initiative: report
Netflix K-drama Extraordinary Attorney Woo launches NFTs to raise autism awareness
Tokyo Game Show offers a taste of metaverse, blockchain-related products
Tokyo Metro to release Series 7000 train NFTs
DMM.com to launch ‘Kanpani Girls’ as first blockchain game
Art group teamLab’s NFT project explores nature of blockchain
NEO TOKYO CLASH event gives Shibuya crossing cyberpunk twist
Former SMAP member Shingo Katori donates NFT proceeds to support para-sports
UAE’s Sharjah to launch metaverse city
Netflix K-drama Extraordinary Attorney Woo launches NFTs to raise autism awareness
Sake producer Asahi Shuzo to release Dassai-themed NFTs along with limited-edition sake
RTFKT to launch Clone X Forging Season One
Puma launches first metaverse experience and NFTs tied to limited edition sneakers
Meta rolls out cross-platform NFT posting on Facebook and Instagram