Binance CEO Says the Exchange May Rescue More than 50 Companies

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Changpeng Zhao, CEO of cryptocurrency exchange Binance, has said that the company plans to help industry participants who are experiencing a “slight liquidity shortage” and is in talks with more than 50 companies.

He has said that the crisis in the digital asset market is leading to industry consolidation. More successful players are trying to enter the capital or acquire projects that have problems.

BlockFi CEO Zac Prince revealed on July 1 that the US division of FTX will issue a $400 million revolving loan to the landing platform and will receive an option to buy the company for $240 million.

Zhao has said that Binance could have been the first to take advantage of the acquisition opportunity, but did not. He has said:

“Those deals that you see in the news are usually the first to contact us. I am sure that we now have the largest cash reserve.”