OKX announces $100m in funding to support distressed projects after FTX crash (report)

Seychelles-based cryptocurrency exchange OKX has reportedly provided a $100 million fund to help companies with liquidity issues.

The world’s largest cryptocurrency platform – Binance – has launched a similar initiative to mitigate the negative effects of the FTX crash.

  • According to Chinese reporter Colin Wu, OKX will distribute $100 million to several projects facing major problems in the wake of the FTX collapse. It will also help the units to migrate from Solana (which has been hit hard in the past few days).
  • OKX claimed that the bankruptcy of Alameda Research and FTX caused significant losses and a shortage of market makers. These events can lead to “pump and dump” systems, which is why such funds are so important.
  • Changpeng Zhao – CEO of Binance – open Yesterday (November 14) that his company will form an industry recovery group to mitigate the “cascading” negative consequences of FTX’s fall.

“More details soon. In the meantime, please contact Binance Labs if you think you qualify.”

  • Faith founder – Justin Sun – claimed The current turbulent times are a wonderful period in which players must unite and help each other. As such, he pledged to support the Binance Redemption Fund.
  • Crypto exchange Huobi Global and Poloniex have also revealed that they will be merging with the CZ trading platform.

OKX announced $100 million in funding to support distressed projects after FTX (report) debuted on CryptoPotato.

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