Binance announced on November 24 that it is spearheading the creation of the so-called Industry Recovery Initiative (IRI) on BloombergTV. The exchange blog published new details about the project to “lead consumer protection and industry recovery.”
The company wrote:
“As a leading player in the crypto space, we understand that we have a responsibility to protect consumers and rebuild the industry.”
Binance has committed $1 billion in public float to the fund, with another $1 billion to be added “in the near future if the need arises.” Jump Crypto, Polygon Ventures, Aptos Labs, Animoca Brands, GSR, Kronos, and Brooker Group have committed an initial $50 million to participate in the fund. According to Binance, another 150 companies have applied to participate.
Introducing the Web3 Industry Recovery Initiative! #Binance and a number of key industry partners have teamed up to provide over $1 billion in financial support to the most promising, high-quality companies that need it most.
Let’s support the growth of the industry together.
— Binance (@binance) November 24, 2022
IRI is not an investment fund, the blog states, but “a co-investment opportunity for organizations looking to support the future of Web3.” Members who wish to participate will be required to allocate capital in public circulation. The Fund may explore the possibilities of traditional financial institutions to find an alternative liability mechanism if they cannot send money to a public address.