Binance-led $1 Billion Industry Recovery Initiative Backed By Web3 Companies
Binance has launched the Industry Recovery Initiative (IRI), a new co-investment option for companies wanting to assist the future of Web3, in an effort to lead the charge when it comes to consumer protection and industry reconstruction.
Venture capital companies Polygon Ventures and Animoca Brands, as well as GSR, Kronos, and Brooker Group, join trading company Jump Crypto and Aptos Labs, the organization behind the recently established Aptos blockchain, in making contributions to the fund. These companies are committed to participating with an initial aggregate commitment of around $50 million.
Following a downturn that has wracked the industry for the past 12 months, the fund will be used to purchase distressed crypto assets. This is the outcome of the recessions caused by FTX, 3AC, or Terra.
In the future, Binance intends to raise the fund to $2 billion, the statement states. Changpeng Zhao, CEO of Binance, remarked in a recent interview with Bloomberg.
“If that’s not enough we can allocate more.”
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