Binance Announces Brief on $1 Billion Industry Recovery Plan, Will Grow to $2 Billion if Needed

ChainCatcher news, Binance announced the introduction of the $1 billion Industry Recovery Initiative (IRI), which is not an investment fund. Each participant needs to reserve committed capital in the public address, will review investment opportunities one by one and make investment decisions independently. The move is expected to last about six months and will allow for flexibility in investment structure – tokens, fiat currencies, equity, convertible instruments, debt, lines of credit, etc. Initially, Binance will dedicate $1 billion to IRI-themed investment opportunities, and intends to increase this amount to $2 billion in the near future should the need arise. So far, Jump Crypto, Polygon Ventures, Aptos Labs, Animoca Brands, GSR, Kronos, and Brooker Group have also committed to participate, with an initial total commitment of approximately $50 million, with more participants expected to join soon. The public address of Binance’s initial commitment of 1 billion BUSD is: 0x043a80999cEe3711D372FB878768909fbE7F71E6. (source link)

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