The post Binance’s $1 Billion Industry Recover Initiative Fails: What Went Wrong? appeared first on Coinpedia Fintech News
According to Bloomberg Report, Binance’s much-heralded $1 billion Industry Recovery Initiative (IRI) has significantly underperformed. Launched as a lifeline for a challenging market, the IRI has invested a mere $30 million of its massive commitment, raising eyebrows and skepticism.
The Genesis: The IRI’s Lofty Aspirations
Conceived in the wake of a series of market catastrophes, including the Terra-LUNA debacle and the FTX exchange collapse, Binance CEO Changpeng “CZ” Zhao announced the Industry Recovery Initiative with the promise of stabilizing the turbulent crypto market. Supported by powerhouses like Jump Crypto and Polygon Ventures, the initiative aimed to fund struggling firms and rejuvenate investor interest.
Binance CEO’s Industry Recovery Initiative Fails!https://t.co/0DwLnocPrc
— John Morgan (@johnmorganFL) October 10, 2023
Despite sign
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