The Industry Recovery Fund (IRI) of Binance, the world’s largest cryptocurrency exchange, did not achieve the success it wanted.
Binance shortly after FTX’s bankruptcy cryptocurrency industry to keep alive $1 billion Industry Recovery Fund had announced. Binance CEO Changpeng Zhao (CZ) In a statement he made at the time, “The industry needs to be rescued now, not in 2023.” He included his statements.
by Bloomberg 10 October In the news presented on today, it was stated that this initiative launched by Binance ended in fiasco place was given. recovery fund, distressed crypto assets was to be used to purchase and support the industry, but according to the detailed research presented, what desired quantity fund collected nor to struggling cryptocurrency projects intended aid was delivered.
This initiative, called IRI, has been operating since its inception, according to a Bloomberg analysis of public cryptocurrency wallets linked to the rescue plan. Less than $30 million was able to distribute.
JumpCrypto, Polygon Ventures, Aptos Labs, Animoca Brands, GSR, Kronos And Brooker group to the recovery fund in question. 50 million dollars was among the names that committed to participate, but this amount of funding could not be brought together. Of the 9 participants who committed to participate in the recovery fund Only 1 of them received all the funds they committed. used.
Shortly after the fund was announced 150 different organizations had applied for assistance. The necessary support could not be provided to these organizations. Binance CEO CZ stated in an interview in November that the initiative was quite transparent and that they financed 14 projects.
The cryptocurrency industry is still Serious difficulties in obtaining cash is alive. Finally, the Chinese Bitcoin (BTC) giant bitmaincame to the fore with the temporary cuts it imposed on employee salaries.