🔥 Binance Fails in a $1 Billion Fundraising Attempt
posted 10 Oct 2023
Binance CEO CZ's endeavor to amass $1 billion in support of crypto startups fell short of its goal.
Currently, the total sum in the fund's public wallets stands at a scanty $30 million. Only one company fully fulfilled its pledge. Eight others either opted out or provided only a fraction of the promised funds.
“It's a matter of accountability, and there wasn't much of that for this recovery fund,” said Clara Medalie, director of research at analytics firm Kaiko.
While Binance representatives asserted that the fund has already backed 14 projects, they refrained from specifying which companies had received support.
Currently, the total sum in the fund's public wallets stands at a scanty $30 million. Only one company fully fulfilled its pledge. Eight others either opted out or provided only a fraction of the promised funds.
“It's a matter of accountability, and there wasn't much of that for this recovery fund,” said Clara Medalie, director of research at analytics firm Kaiko.
While Binance representatives asserted that the fund has already backed 14 projects, they refrained from specifying which companies had received support.
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