Changpeng Zhao, the founder and CEO of Binance, stated that the so-called Industry Recovery Initiative (IRI) may decide to purchase some of the struggling cryptocurrency projects that the now-defunct exchange FTX had purchased.
After FTX’s disastrous bankruptcy, Binance wants to bring the sector back to life.
As a result, the Industry Recovery Initiative, which will enable players affected by a liquidity crisis to request financial assistance, was created by the world’s largest cryptocurrency exchange by volume.
Binance initially invested $1 billion in the project in cryptocurrency, and has since added another $1 billion, effectively increasing the fund’s size to over $2 billion.
The fund will have a “loose” structure, be publicly visible on the blockchain, and allow contributions from other industry players, according to Binance CEO Changpeng “CZ” Zhao in an interview with Bloomberg. CZ shared a link to his company’s initial $1 billion donation, which is kept at a location listed on the BNB Chain.
A total of $50 million has already been contributed to the program by other crypto-native projects, including Aptos Labs, Jump Crypto, Polygon Ventures, Animoca Brands, Brooker Group, Kronos, and GSR Markets.
The project, according to Binance, is not a fund for investments but rather a “co-investment opportunity for enterprises willing to promote the future of Web3.” The six-month duration of the rescue effort is anticipated. At the conclusion of the program, contributors will be able to withdraw any unused funds.
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