Binance Has Received 150 Applications For Its Recovery Fund

Binance confirmed receiving more than 150 applications from firms that want to be a part of the Web3 industry recovery initiative (IRI).

Binance, the largest cryptocurrency exchange, announced in a statement that prominent Web3 leaders are joining the firm to lead the industry recovery initiative (IRI).

The company assured that In order to help startups survive the crypto winter and come out on top, Binance wants to offer a full suite of services, including funding, to founders and projects.

Interestingly, it has already received more than 150 applications from firms that want to be a part of the initiative.

The company’s step to establish the Industry Recovery Initiative for reviving the cryptosphere shows its devotion towards the digital asset market and an eagerness to “support the future of Web3.” 

The company said that it understands that traditional banking institutions can’t transmit money to a public address, adding: 

“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.”

This project will be flexible on investment structure — token, fiat, equity, convertible instruments, debt, credit lines, etc. — as they expect specific situations will require customized solutions.

The platform assured that each participant, including Binance, will make investment decisions

individually, deal-by-deal. Additionally, it clarifies that IRI isn’t a fund and each participant must set aside committed funds (in stablecoins or other tokens, at their choosing) in public addresses to access IRI investment possibilities. Moreover, At the end of the programme, participants can withdraw any unused funds. 

The statement reads: 

“We have already received around 150 applications from companies seeking support under the IRI.”

Binance Industry Recovery Fund Follows FTX’s Implosion

Binance CEO, CZ previously said that Binance would be setting up a recovery fund “to help projects who are otherwise strong, but in a liquidity crisis.” Changpeng recently told Bloomberg that the company is trying to raise $1 billion for a recovery fund to buy troubled cryptocurrencies.

Public address for Binance’s initial commitment of BUSD 1 billion is also released in the report stating that other participants’ addresses will be released over the next week.