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News

Binance Invests $2 Billion To Save Crypto Industry After FTX’s Fall From Grace

November 25, 2022 - Around 2 mins mins to read
In an effort to support the recovery of the sector, Binance has pledged $2 billion to the company’s crypto rescue fund.
Binance Invests $2 Billion To Save Crypto Industry After FTX's Fall From Grace

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.

BNB received 150 financial support applications from various companies

Binance Invests $2 Billion To Save Crypto Industry After FTX's Fall From Grace

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.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Annie

Coincu News

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.
News

Binance Invests $2 Billion To Save Crypto Industry After FTX’s Fall From Grace

In an effort to support the recovery of the sector, Binance has pledged $2 billion to the company’s crypto rescue fund.
Binance Invests $2 Billion To Save Crypto Industry After FTX's Fall From Grace

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.

BNB received 150 financial support applications from various companies

Binance Invests $2 Billion To Save Crypto Industry After FTX's Fall From Grace

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.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Annie

Coincu News

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