Binance announced on November 24 that it is spearheading the creation of the so-called Industrial Renewal Initiative (IRI) on BloombergTV. New details have been released about the project, which aims to “lead the way in consumer protection and industry recovery”. released on the blog of the exchange.
The company wrote:
“As a leading player in cryptocurrency, we understand that we have a responsibility to be responsible for protecting consumers and restoring the industry.”
Binance donated $1 billion to the fund in public addresswith an additional $1 billion to be added “in the near future if needed.” Between them, Jump Crypto, Polygon Ventures, Aptos Labs, Animoca Brands, GSR, Kronos and Brooker Group have committed to participate in the initial $50 million fund. According to Binance, 150 other companies have also applied to participate.
Introducing the Web3 Industry Recovery Initiative! #Binance and a number of key industry partners have come together to commit more than $1 billion to provide financial support to the most promising and 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 informs, but “a co-investment opportunity for organizations eager to support the future of Web3.” Participants who wish to participate will be required to commit committed capital at the public address. The Fund may explore options for traditional financial institutions to find an alternative commitment mechanism if they are unable to send money to a public address.