Binance CEO Changpeng Zhao (CZ) announced that another $1 billion was allocated to the industry recovery fund, increasing it to $2 billion. The fund, which currently has 7 registered supporters, has applied to 150 different institutions seeking support.
CEO CZ, Binance’s industry recovery fund, which was initially announced as $ 1 billion, but stated that it can increase up to $ 2 billion in the near future if needed. Industry Recovery Initiative (IRI) for extra 1 billion dollars more have been allocated announced. CZ also with the last amount allocated 2 billion dollars All assets belonging to the issued fund BUSD announced that he was detained. The fund, which has 7 known registered and committed supporters, has already received applications from approximately 150 different organizations seeking support.
Up to the present Jump Crypto, Polygon Ventures, Aptos Labs, Animoca Brands, GSR, Kronos and brooker group approximately 50 million dollars has committed to joining the fund, and more participants are expected soon. He is also the popular face of cryptocurrencies. Justin Sun and Tron in DAO Binance will contribute to the recovery fund.
The recovery fund will be used to purchase distressed crypto assets and support the industry. Binance made the following statements about the fund in its previous statement:
As a leading player in crypto, we recognize our responsibility to lead the way in protecting consumers and rebuilding the industry. This fund is a co-investment opportunity for organizations eager to support the future of Web3.
CZ told Bloomberg on Thursday, November 24, “The industry needs saving now, not in 2023. This is a very fast moving industry and we need to react quickly on a daily basis.” he had stated.