Binance says its industry revival initiative has 7 registrants, 150 applicants

The initiative was announced on November 24 by CEO Chengpang Zhao (CZ) with the aim of "protecting consumers and rebuilding the 'industry'. Recent news

Binance announced on November 24 that it was spearheading the creation of a so-called Industry Recovery Initiative (IRI) on BloombergTV. New details of the plan to "lead the charge in consumer protection and rebuilding the industry" have been posted on the exchange's blog.

The company wrote:

"As a major player in crypto, we understand that we have a responsibility to lead the charge when it comes to protecting consumers and rebuilding the industry."

Binance committed $1 billion to the fund during a public address, with an additional $1 billion to be added "in the near future if the need arises". Jump Crypto, Polygon Ventures, Aptos Labs, Animoca Brands, GSR, Kronos, and Brooker Group have pledged an initial $50 million to participate in the fund. According to Binance, 150 other companies have also applied to participate.

Introducing the Web3 Industry Recovery Initiative! #Binance and a number of key industry partners have teamed up to commit over $1 billion to provide financial support to the most promising, high-quality companies that need it most.

Let's support the growth of the industry together.

The IRI is not an investment fund, informs the blog, but a "co-investment...