Binance pledges another $1 billion to FTX recovery fund

The total amount of the fund is $2 billion, according to CEO Changpeng Zhao, and Binance has pledged another $1 billion towards its industry recovery fund.

Aptos Labs and Jump Crypto have already joined Binance's initiative, and will make a $50 million donation to the fund.

The development comes at a time when FTX filed for Chapter 11 bankruptcy protection in the United States. The FTX fallout has left several other firms reeling under the pressure of the situation, and the broader market remains on edge.

The collapse of FTX, one of the largest criptocurrency exchanges in the world, has resulted in concerns about the industry's ability to attract investments from major venture capital and private equity firms.

According to Glassnode data, Coinbase Global Inc's COINBTCUSD reserve lost 50,000 Bitcoins on Nov. 25 and roughly 50,000 Bitcoins on Nov. 24.

In a matter of 48 hours, Coinbase suffered the third-largest withdrawal of the exchange's history, losingBitcoin worth over 1.5 billion.

The Proof of Reserves PoR has been implemented by Binance starting withBitcoin.

The Binance Proof of Reserve PoR reveals that the exchange's customer balance was 575,742. The company's on-chain reserve is 1% higher at 4228Bitcoin, while the company's on-chain reserve is 1% higher at 582,485. In the upcoming weeks, the PoR of other assets will be published and there will be hired outside auditors to check its reserve.

The market value of mid-cap tokens projects with a market cap between $100 million and $1 billion has decreased from a high of 45% to 40% over the past seven days.

Since October 23rd,Bitcoin has improved against Binance BNB USD, which has seen its market share rise to an all-time high of 6% of the overall market cap.