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Binance Commits $1B for Crypto Industry Recovery Fund

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The company will launch an Industry Recovery Initiative with support from other companies.
Key TakeawaysBinance announced its Industry Recovery Initiative, a fund of $1 billion to assist crypto companies in need.
Other companies, such as Polygon Ventures or Animoca Brands, have also contributed $50 millions.
Binance’s plan is a result of the collapse in FTX and its negative effect on the crypto market.
Share this article The company said that it has received 150 support applications from companies in need. It is also accepting contributions from other companies. Several companies have already contributed $50 million to the program, including Polygon Ventures and Animoca Brands as well as Jump Crypto, Jump Crypto, AptosLabs, GSR Markets and Kronos. Those who contribute funds that are not used will be able withdraw the funds at the end. This is in contrast to Binance Labs, which the exchange uses to invest money in new startups. The timing of the announcement makes it clear that Binance’s collapse and the subsequent ripple effect on other companies led to the creation of the fund. Recent reports suggest that the firm plans to acquire Voyager Digital, a bankrupt lending company, and possibly acquire loan assets belongings to Genesis Capital. Decentral Media, Inc. does not provide investment advice. We do not provide personalized investment advice or any other financial advice. This website’s information is subject to change at any time. The information on this website could become obsolete or incorrect. You may not be able to update any information that is outdated, incomplete or inaccurate. We also reserve the right to change any information that is incorrect, incomplete or outdated. If you need investment advice regarding an ICO, IEO or other investment, we strongly recommend that you consult a licensed financial advisor or other qualified financial professional. We do not accept any compensation for analyzing or reporting on any ICO or IEO, cryptocurrency or tokenized sales, securities or commodities.

 

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