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Binance assigns another $1B to its Industry Recovery Initiative

Famous crypto exchange Binance, has assigned another $1 billion for its industry recovery initiative, making its overall fund increased to $2B. the so-called Industry Recovery Initiative (IRI) was announced on Nov. 24 to be set on BloombergTV.

Binance assigns another $1B to its Industry Recovery Initiative
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This additional devotion, which was announced by Binance CEO Changpeng "CZ" Zhao on Friday, added to the former allocation of Binance to make the overall budget for the project reach $2B

Further information  regarding the project and complementary details have been released on Binance blog according to the company.

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“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.” the company explained. 

This recovery fund is aimed to help the exchange buy crypto assets which are damaged with the objective to support the industry. After the crypto winter and the FTX scandal, this could be a silver lining for the crypto industry.

The experiment, which will run around six months, is also available to conventional financial institutions who might not be able to transmit money to public addresses.

Jump Crypto, Polygon Ventures, Aptos Labs, Animoca Brands, GSR, Kronos, and Brooker Group are the participants that have already taken part in the plan, with a combined investment of $50 million.

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“Collectively, we will be looking for projects characterized by 1) innovation and long-term value creation, 2) a clearly delineated and viable business model, and 3) a laser focus on risk management,” Binance said.

“Aside from funding support, we plan to provide founders and projects with comprehensive support – from formation, technical execution, fundraising, and more – so that they can emerge and grow stronger from the crypto winter,” it added.

Indeed this is considered a significant step for Binance towards regaining trust after the collapse of the FTX exchange. 

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