It’s been over five years since Binance was launched as a cryptocurrency exchange. In such a short amount of time, Binance has become the largest crypto exchange in the entire crypto verse.
An analyst from BitTribute.com says if the exchange has achieved this much in the industry, then it means that it has been doing things the right way. The exchange has gained so much reputation in the crypto industry that it has become one of the pillars.
Binance is Very Responsible
With a great status being given to the exchange, a huge amount of responsibility also falls on its shoulders. Turns out, the exchange is not only fulfilling its responsibilities but is also going the extra mile.
No matter the market uptrends or downtrends, Binance has remained strong and focused. This is the reason why despite the market downtrend, Binance has continued to grow bigger.
In recent years, Binance has done a lot to favor the entire cryptocurrency industry and bring the sector to the mainstream industry.
The exchange is not afraid of challenges, rivalries, and competition, because it wants the overall crypto industry to thrive. When that is fully achieved, the exchange will focus on rivalries.
Two Completely Different Years for Crypto
For now, the most concerning part of the exchange is to keep the crypto industry from falling. The year 2021 and 2022 have proven to be exactly opposite to each other when it comes to the industry’s success.
On one hand, the crypto sector was thriving in 2021 but the situation completely changed in 2022. In the running year, the industry has faced major crashes including the Terra ecosystem and the FTX collapses.
The entire cryptocurrency industry has paid a huge cost due to the crashes of these major networks. However, Binance wants to stop this from happening and wants to support the crypto industry to its core.
Industry Recovery Fund
Binance has vowed that it will not let the crypto industry suffer from events similar to the Terra and the FTX crashes.
For this purpose, Binance has launched an industry recovery fund. According to Changpeng (CZ) Zhao, the founder/CEO of Binance, they have allocated $1 billion to the particular fund.
It will ensure that any major crypto projects are supported and backed by the fund. In case any network ends up facing a major crash, the fund will be used to help provide liquidity to the platform.
This would ensure that the funds of the investors are safe and secure even when there is a major crash. By doing this, Binance has made sure that investors never lose their confidence in cryptocurrencies.
The recent FTX crash triggered a mass sellout of all major currencies, causing a major dip in the industry’s overall valuation.
The particular fund will help negate such outcomes and the investors’ losses will be reduced as much as possible.