Sign up to create alerts for Instruments,
Economic Events and content by followed authors
Free Sign Up Already have an account? Sign In
Quotes
All Instrument Types
- All Instrument Types
- Indices
- Equities
- ETFs
- Funds
- Commodities
- Currencies
- Crypto
- Bonds
- Certificates
Please try another search
🚨 Our Pro Data Reveals the True Winner of Earnings Season Access Data
Binance Commits $1 Billion To Crypto Industry Recovery Fund
www.investing.com/analysis/binance-commits-1-billion-to-crypto-industry-recovery-fund-200632772
Binance Commits $1 Billion To Crypto Industry Recovery Fund
By Crypto Briefing | Nov 24, 2022 11:42PM ET - Binance has announced its Industry Recovery Initiative
- Other companies including Polygon Ventures and Animoca Brands also contributed
- Binance's plan comes after the collapse of FTX
Binance said today that it is committing $1 billion to help companies in the crypto industry remain operational.
Binance Launches Recovery Initiative
Binance wants to revive the crypto industry.
The leading exchange wrote on Thursday that it has a “responsibility to lead the charge when it comes to protecting consumers and rebuilding the industry.”
To that end, it has established the Industry Recovery Initiative (IRI), which will allow struggling cryptocurrency companies to request financial support.
Binance has contributed $1 billion worth of crypto to the initiative and may increase that amount to $2 billion if needed. The company stated that it has already received 150 support applications from various companies in need.
The IRI is also taking contributions from other companies. Several participants have already committed a total of $50 million into the program, including Polygon Ventures, Animoca Brands, Jump Crypto, Aptos Labs, GSR Markets, Kronos, and Brooker Group.
Binance said that it expects more participants to enlist soon, adding that it is working on providing a way for traditional financial companies to join the initiative without using crypto.
Binance CEO Changpeng “CZ” Zhao commented on the initiative on Twitter, writing: “We do this transparently.” He posted the link to Binance’s initial commitment of 1 billion BUSD, which is stored at an address starting 0x043a on BNB Chain.
The program is expected to last for six months. Those who contribute funds that remain unused will be able to withdraw those funds at the end of the initiative.
Binance specified that the initiative was not an investment fund, drawing a distinction between the initiative and Binance Labs—the VC arm that the exchange uses to invest in new startups.
Binance did not explicitly mention FTX in its announcement today. However, given the timing, it is clear that the exchange’s collapse (and its resulting ripple effect on other firms) led to the fund’s creation.
This is not Binance’s sole effort to bail out the crypto industry. Recent reports indicate that the firm intends to acquire bankrupt lending firm Voyager Digital and possibly acquire loan assets belonging to Genesis Capital.
Binance also nearly acquired FTX during its collapse but walked away from the deal due to allegations that FTX had mishandled customer funds.
Related Articles
Was Bitcoin’s January Rally Driven by “Smart Money”?
By Timothy Fries - Feb 05, 2023
2
Institutional investors seem to be pushing Bitcoin to greater levels, let's look into it. Over the month of January, Bitcoin returned to its highest level since August, gaining 41%...
Bitcoin Macro Outlook: Nigeria’s 60% Premium, Best January in 10 Years
By Ruholamin Haqshanas - Jan 31, 2023
2
The price of Bitcoin in Nigeria is up by around 60% compared to other parts of the world amid measures by the Central Bank of Nigeria to impose limits on ATM cash withdrawals. The...
Bitcoin Battles Critical Resistance, Ethereum at a Crossroads
By Günay Caymaz/Investing.com - Jan 27, 2023
3
Bitcoin has been continuously rejected at the $23,000 level Ethereum has become more volatile since the second half of January, reflecting a price squeeze Bitcoin could correct in...
Binance Commits $1 Billion To Crypto Industry Recovery Fund
Add Chart to Comment
Confirm Block
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
Report this comment
I feel that this comment is:
Comment flagged
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.