Binance announced Nov. 24 that it is spearheading the creation of a so-called Industry Recovery Initiative (IRI) on BloombergTV.
New details about the project to “to lead the charge when it comes to protecting consumers and rebuilding the industry” have been released on the exchange's blog.
The company wrote:Binance has committed $1 billion to the fund at a public address, with an addition $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 committed an initial $50 million between them to participate in the fund.
According to Binance, 150 other 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.The IRI is not an investment fund, the blog informs, but a “co-investment opportunity for organizations eager to support the future of Web3.” Participants that want to participate will be required to set aside committed capital in a public address.Read more on cointelegraph.com