Binance launches $1 billion into crypto recovery fund after FTX crisis

Binance announced that it will deploy recovery fund to rescue crypto companies which are heavily affected by FTX collapse. As an initial commitment, Binance sets up $1 billion recovery fund for the companies which are affected by FTX collapse.

It also said in a blog post late Thursday that the fund, which is called the Industry Recovery Initiative (IRI), will be open to the public and will last about six months. This recovery fund aim to help companies that want to support the future of eb3 in addition to have a responsibility to protect users and rebuild the crypto industry.

While it was highlighted that the Industry Recovery Initiative will not be an investment fund, it was stated that the capital that each participant who applied to the venture, under the conditions of transparency, should be sent to public addresses.

Binance injected $1 billion into IRI, 150 companies applying to recovery fund

Moreover, Binance said that it has allocated $1 billion to the Industry Recovery Initiative and it has promised that the transferred fund can be increased to $2 billion if needed in the coming periods. Binance also reported that it transferred 1 billion BUSD assets to the public address 0x043a80999cEe3711D372FB878768909fbE7F71E6.

In the statement, it was reported that approximately 150 companies have applied to the Industry Recovery Initiative so far. Each investor in the venture will have the right to review the agreements to be made and choose which companies they want to support with the funds they transfer.

While providing information about the companies participating in the initiative, it has been announced that companies operating in the crypto field such as Jump Crypto, Polygon Ventures, Aptos Labs, Animoca Brands, GSR, Kronos and Brooker Group have committed to participate with an initial capital of approximately $ 50 million.