Binance Allocates $1B to its Web3 Recovery Fund
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Nov. 25, 2022

Crypto exchange Binance has just launched the Industry Recovery Initiative (IRI), which is aimed at "recovering the Web3 industry."

As reported by the platform, it has contributed $1 billion on its behalf and has announced it intends to increase this amount to $2 billion.

According to the press release shared by Binance, each participant in the initiative must allocate endowment capital by placing it at public addresses to ensure transparency.

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Organizations joining the IRI will have access to "investment opportunities" associated with the projects they wish to support. The structure has already registered 150 relevant applications.

As an initial commitment, Binance has placed $1 billion in BUSD at a public address.

The initiative has received support from Jump Crypto, Polygon Ventures, Aptos Labs, Animoca Brands, GSR, Kronos and Brooker Group, which together plan to contribute $50 million to the IRI.

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