Binance announced today, November 24, 2022, that it is leading the creation of the so-called “Industry Recovery Initiative” (IRI) on BloombergTV. New details about the project to “lead the field when it comes to protecting consumers and rebuilding the industry” have been released on the exchange’s blog.
The company wrote:
“As a key player in the crypto space, we understand that we have a responsibility to lead the industry when it comes to protecting consumers and rebuilding the industry.”
Binance has committed $1 billion to the fund at a public address, with another $1 billion to be added “in the near future if the need arises.” Jump Crypto, Polygon Ventures, Aptos Labs, Animoca Brands, GSR, Kronos, and Brooker Group have collectively committed an initial $50 million to participate in the fund. According to Binance, another 150 companies have also applied to participate.
Introducing the Web3 Industry Recovery Initiative! #Binance and a number of key industry partners have joined together to commit $1B+ to provide financial support to the most promising and highest-quality companies that need it most.
Let’s support industry growth together.
—Binance (@binance) November 24, 2022
IRI is not an investment fund, the blog reports, but a “co-investment opportunity for organizations eager to support the future of Web 3.0.” Participants who want to participate will have to reserve committed capital at a public address. The fund can explore the possibilities for traditional financial institutions to find an alternative commitment mechanism if they cannot send money to a public address.
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