Cryptocurrency exchange Binance has committed an additional $1 billion to its Industry Recovery Fund, bringing the fund’s total to $2 billion Managing director Changpeng Zhao.

Zhao did that Notice on Friday.

Among other well-known crypto companies, Aptos Labs and Jump Crypto have already joined Binance’s initiative and will each donate $50 million to the fund.

The development comes at a time when FTX has made an application Chapter 11 bankruptcy protection in the United States. Meanwhile, several other companies are teetering under the intense pressure of the FTX cases and the broader market remains jittery.

Concerns about the industry’s ability to continue attracting investment from large venture capital and private equity firms were also fueled by the collapse of FTX, one of the largest cryptocurrency exchange in the world.

Meanwhile, according to Glassnode data, Coinbase Global Inc COIN Bitcoin BTC/USD Reserve lost 50,000 bitcoin on Nov. 25 and about 50,000 bitcoin on Nov. 24.

As a result, Coinbase suffered the third largest bitcoin withdrawal in the exchange’s history, losing over $1.5 billion worth of bitcoin in 48 hours.

Binance releases BTC proof of reserves to increase transparency of customer funds

Binance has started implementing Proof of Reserves (PoR) starting with Bitcoin.

Binance Proof of Reserve (PoR) shows that the exchange’s customer balance was 575,742.4228 bitcoin, while the company’s on-chain reserve is 1% higher at 582,485.9302 bitcoin.

In the coming weeks, according to Binance, it will publish the PoR of other crypto assets and hire external auditors to verify its reserve.

Bitcoin’s dominance fell from a peak of 45% to 40% over the past seven days as the market cap of mid-cap tokens (projects with a market cap between $100 million and $1 billion) surged 4%.

Since October 23, however, Bitcoin has improved against Binance BNB/USDwhose market share has reached an all-time high of …