Investment Fund of Binance

The world’s largest crypto exchange, Binance, has announced a $1 billion investment in a cryptocurrency recovery fund called the Industry Recovery Initiative.

The initiative is expected to last about six months and will have a flexible investment structure.

Investments will be possible in tokens, fiat, convertible instruments, loan, credit line, etc.

In addition to Binance, IRI members include Jump Crypto, Polygon Ventures, Aptos Labs, Animoca Brands, GSR, Kronos, and Brooker Group, which have made initial commitments of about $50 million.

150 applications from companies wishing to provide support have also been received.

Binance states that the objective of the new initiative is to support the most promising and high-quality companies and projects created by leading professionals and entrepreneurs, which have experienced significant short-term financial difficulties due to market circumstances.