Jump Crypto and Aptos Labs will provide a $50 million fund to the Industry Recovery Initiative (IRI) published by Binance.
Support for the Crypto Market
As we all know, many corporate companies had to go bankrupt due to the decline in the crypto market and FTX events. Due to the trust problems and liquidity shortage in the market, companies such as Celsius Network, Three Arrows Capital, Voyager Digital and Compute North have filed for bankruptcy. Ardana (DANA), the DeFi and Stablecoin project of Cardano (ADA), one of the well-known crypto companies, was also affected last week due to financial problems.Binance CEO Changpeng Zhao said:
“If that’s not enough [$1 billion] we can allocate more.”
On top of these bankruptcies, Binance announced that it will create a $1 Billion Industry Recovery Initiative fund to save the crypto currency sector. Following this announcement, Jump Crypto and Aptos Labs, as well as Polygon Ventures, Animoca Brands, GSR, Kronos and Brooker Group decided to contribute to the opened fund. 150 Companies have already applied to receive support from the opened fund.
About the Industry Recovery Initiative (IRI)
Key Facts about the IRI:
- The IRI is not an investment fund.
- To access investment opportunities that come through the IRI application process, each participant is required to set aside committed capital (it can be in Stablecoins, or other tokens – discretionary to each participant) within public addresses to ensure transparency.
- Each participant including Binance will review investment opportunities and make investment decisions independently of each other, on a deal-by-deal basis.
- We recognize that traditional financial institutions May want to participate but are unable to send money to a public address. We are open to exploring other deal structures under the broader theme of the IRI with such institutions who May be keen.
- We anticipate this initiative will last about six months, and flexible structure — the investment will be token to fiat, equity, convertible instruments, debt, credit lines, etc — as we expect tailored to situations require individual solutions.
- Each participant can withdraw any remaining unused funds from public addresses at the end of the initiative.
Leave a comment