Binance Allocates Another $1B for Its Crypto Recovery Fund: The world largest crypto exchange Binance has effectively doubled its “Industry recovery fund” to $2 billion, which will be used to buy distressed crypto assets and support the industry. The additional allocation was announced by Binance CEO Changpeng “CZ” Zhao on Friday.
Aptos Labs, Jump Crypto, along with other prominent crypto companies joined Binance’s initiative and will contribute $50 million to the fund.
Jihan Wu’s New Business Matrixport Looks to Raise $100M: The Singapore-based crypto lending firm founded by Wu, a titan of the bitcoin mining industry, the founder of Bitmain, has $50 million in commitments from several investors and is still on the market to raise double the amount. The firm is being valued at $1.5 billion.
Matrixport closed a $100 million Series C in August 2021 that valued it at $1 billion, led by DST Global, C Ventures and K3 Ventures.
Cardano DeFi Project Ardana Halts Development, Citing Funding: Ardana, a once-promising decentralized finance project that closed a $10 million round led by now bankrupt crypto hedge fund firm Three Arrows Capital last year, is pausing development citing money troubles and timeline concerns. DANA, the token for the so-called “MakerDAO of Cardano,” is down approximately 90%.
“Development on Cardano has been difficult with a lot of funding going into tooling, infrastructure and security,” project founders said about the proof-of-stake blockchain.
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I Lost $17,000 in Crypto. Here’s How to Avoid My Mistake (Wired)
10,000 BTC moves off crypto wallet linked to Mt. Gox hack (Cointelegraph)
Crypto investor DCG reveals web of investments between units (FT – paywalled)
Generation C hosts Avery Akkineni of Vayner 3 and Sam Ewen from CoinDesk share how brands and marketers are using Web3 to experiment and potentially transform their businesses. Tune in to explore how Fortune 500 companies and new start-ups alike are coming to the blockchain to generate attention, gain customers and create value for their bottom line and their communities. Listen now.
For those who have been in crypto for a while now, this isn’t their first winter. While crypto winters past and present have tumbled some of the most well known players in the industry, those who remain continue to adhere to core principles and build on the trust they’ve gained along the way.
Even if FTX fully collapses, crypto will continue to prevail and the future will be dependent on projects and companies like Huobi that continue to push for a more transparent, democratized financial system.
