Binance revealed that the Industry Recovery Initiative fund has seven key partners and more than 150 applicants.

Binance announced on Nov. 24 that it is spearheading the so-called Industry Recovery Initiative (IRI) with BloombergTV. up again” by receivingpublishon the blog of the exchange

“As a leading player in crypto, we understand that we have a responsibility to lead the way in protecting consumers and reinventing the industry.”

Binance has given $1 billion to the fund. which will add an additional 1 billion dollars “In the near future, if needed,” with Jump Crypto, Polygon Ventures, Aptos Labs, Animoca Brands, GSR, Kronos, and Brooker Group all pledged $50 million to participate in the fund. According to Binance, 150 other companies have also signed up.

The IRI is not an investment fund, but a “co-investment opportunity for organizations keen to support the future of Web3,” with those wishing to participate must allocate agreed funds in a public address. The fund may also explore possibilities for traditional financial institutions. If they can’t send money to a public address

refer : LINK

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