Binance has committed $1 billion to a crypto industry recovery initiative to restore confidence following the collapse of crypto exchange FTX. Several other crypto companies have joined Binance’s efforts and committed capital for the recovery fund.
Crypto Industry Recovery Initiative Launched
Cryptocurrency exchange Binance unveiled Thursday some details of its Industry Recovery Initiative (IRI), which the crypto firm described as “a new co-investment opportunity for organizations eager to support the future of web3.”
The announcement states:
Initially, Binance will commit USD 1 billion to IRI-themed investment opportunities with an intent to ramp up that amount to USD 2 billion in the near future if the need arises.
“So far, Jump Crypto, Polygon Ventures, Aptos Labs, Animoca Brands, GSR, Kronos, and Brooker Group have also committed to participating with an initial aggregate commitment of around USD 50 million, and we expect more participants to join soon,” Binance added. Ea
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