• Cryptocurrency
  • Earnings
  • Enterprise
  • About TechBooky
  • Submit Article
  • Advertise Here
  • Contact Us
TechBooky
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
TechBooky
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Home Business

In The Wake Of FTX’s Collapse, Binance Sets Aside $1 Billion Crypto Industry Fund To Assist Struggling Players

Ibhadojemu Emmanuel by Ibhadojemu Emmanuel
November 25, 2022
in Business, Cryptocurrency, Enterprise
Share on FacebookShare on Twitter

 

FILE PHOTO: Binance and FTX logos are seen in this illustration taken, November 8, 2022. REUTERS/Dado Ruvic/Illustration

In the wake of FTX’s collapse, the world’s biggest cryptocurrency exchange Binance has announced a crypto industry recovery fund. “As a leading player in crypto, we understand that we have a responsibility to lead the charge when it comes to protecting consumers and rebuilding the industry. That is why we have established the Industry Recovery Initiative (IRI), a new co-investment opportunity for organizations eager to support the future of Web3,” Binance wrote in its blog post. The exchange says it will commit $1 billion to the recovery fund, in what will be an initial commitment, and may increase the amount to $2 billion in the future if there is a need for it. 

Binance has also received commitments worth $50 million from Jump Crypto, Animoca Brands, and Polygon Ventures. 

The Industry Recovery Initiative (IRI) public wallet address was shared by Binance’s CEO Changpeng Zhao with Binance’s initial commitment. “We do this transparently,” he wrote. The initial commitment of $1 billion was made in Binance’s native token, BUSD stablecoin. 

This fund comes at a very crucial time, to keep the crypto industry afloat following FTX’s filing for bankruptcy earlier this month, which made the exchange the latest crypto company to go bankrupt. Binance had initially wanted to acquire FTX but rescinded the decision. Since FTX’s collapse, investors’ trust in cryptocurrencies has dwindled and this has grossly affected the industry. 

According to Binance, the Industry Recovery Initiative (IRI) “is not an investment fund.” It is intended to support companies and projects that “through no fault of their own, are facing significant, short-term, financial difficulties.”

Binance expects the program to last for about six months and added that “We have already received around 150 applications from companies seeking support under the IRI. Each co-investor within the IRI will have the opportunity to review potential deals and decide for themselves whether they wish to participate. We expect some deals will be invested in unilaterally and others will be co-investments with all or some of the IRI participants.” It is also accepting applications from investors to contribute to the funding. Binance will accept contributions in tokens, cash, and debt. “We expect individual situations to require tailored solutions,” Binance explained. 

Related Posts:

  • Binance-Changpeng-Zhao
    FTX: Binance Sets Aside $1b Crypto Industry Fund To…
  • adobestock_548367206_editorial_use_only
    Crypto Lending Platform Genesis Trading Cuts Off 30…
  • cz-binance-1260×690
    Binance Is Set To Increase Its Workforce By 15%-30%…
  • prompt-site-icon-6421
    Binance Raises $500 Million Via Its Venture Capital…
  • Binance Abandons Deal To Acquire FTX
    Binance Abandons Deal To Acquire FTX
  • binance-and-ftx-logos
    Binance Abandons Deal To Acquire FTX And Now FTX…
  • QmeARJXkr926ujpkpuCK2y8sJW6pgi27uWZ4kb1x2JziP3
    Crypto.com Slashes Workforce By 20 Percent, Cites…
  • im-701492
    At Least $5 Billion Worth Of Liquid Assets Have Been…

Discover more from TechBooky

Subscribe to get the latest posts sent to your email.

Tags: Bankruptcybinancecryptocurrencyftx
Ibhadojemu Emmanuel

Ibhadojemu Emmanuel

Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.

BROWSE BY CATEGORIES

Select Category

    Receive top tech news directly in your inbox

    subscription from
    Loading

    Freshly Squeezed

    • NCC Requires Telecoms to Compensate for 24-Hour+ Outages May 26, 2025
    • Vietnam Will Soon block Telegram, App Owners are Surprised May 24, 2025
    • Widespread Downtime Reported By X Users May 24, 2025
    • MongoDB Enters Africa Through Nigeria Targeting $100B Digital Market May 24, 2025
    • Meta Quest’s Headgear Will Soon Support 3D Instagram Images May 24, 2025
    • Mozilla To Shut Down Pocket To Concentrate On Firefox May 24, 2025

    Browse Archives

    May 2025
    MTWTFSS
     1234
    567891011
    12131415161718
    19202122232425
    262728293031 
    « Apr    

    Quick Links

    • About TechBooky
    • Advertise Here
    • Contact us
    • Submit Article
    • Privacy Policy
    • Login

    © 2021 Design By Tech Booky Elite

    Generic selectors
    Exact matches only
    Search in title
    Search in content
    Post Type Selectors
    • African
    • Artificial Intelligence
    • Gadgets
    • Metaverse
    • Tips
    • About TechBooky
    • Advertise Here
    • Submit Article
    • Contact us

    © 2021 Design By Tech Booky Elite

    Discover more from TechBooky

    Subscribe now to keep reading and get access to the full archive.

    Continue reading

    We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok