The Mysticals just had their breakfast together. As they were relaxing, Scorch began, “Mysticals, did you hear that Binance has set up new rules and raised funds to help new cryptocurrency companies?”
“No Scorch,” Verum replied.
“I have read about Binance. It is a big cryptocurrency exchange company. People use it for buying and selling using cryptocurrencies,” Orak interrupted.
Cryptocurrency is digital money. People can use cryptocurrency to buy or sell anything online without using cash or coins.
“But why did Binance feel the need to raise funds,” Verum did not understand the reason.
“Because of the sudden crash that happened to another crypto exchange company, FTX. It ran out of money overnight and suffered a huge loss.
As a result, the Chief Executive Officer (CEO) of Binance, Changpeng Zhao, said it is better to set up new rules for the cryptocurrency industry. He stated that the new rules will help ensure that no company suffers a loss like FTX in the future,” Scorch explained.
“A rescue plan to help fellow companies is the right step in the right direction,” Verum said.
“Yes, it is!” confirmed Scorch.
“Interesting,” said Orak, and the Gifted Four boarded the bus to go to school.