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Binance is Bidding $1 billion Fund To Purchase Distressed Assets – Says CEO Changpeng Zhao! 

Author: Qadir AK

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Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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CEO Changpeng “CZ” Zhao ( @cz_binance ), who is considering a bid for assets of bankrupt crypto firm Voyager, said on @BloombergTV his company is mistakenly believed to be Chinese “because I look Chinese”. “Binance is not a Chinese company, we are not related to China at all.”

CZ stated that the Binance team is engaging with Genesis, but does not know the details; even if Genesis is down, it will not affect the industry, and other players will take its market; Binance US is also bidding on Voyager.

Binance Holdings Ltd. is aiming for a roughly $1 billion fund for the potential purchase of distressed assets in the digital-asset sector, its Chief Executive Officer Changpeng Zhao said. “If that’s not enough we can allocate more,”.

Zhao has been a key figure in a period of tumult for crypto. His tweets highlighting concerns about the health of Sam Bankman-Fried’s rival FTX exchange and trading house Alameda Research spurred their collapse.

“Many other exchanges are trying to copy us, but are facing issues,” CZ said, adding that publicly listed companies “don’t list their assets directly, they hire a third party to do so and that becomes less transparent since it’s in US dollar and not in crypto assets particularly.”

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