Binance CEO “CZ” allocates another $1 billion in BUSD to the Industry Recovery Initiative (IRI), increasing the fund balance to $2 billion.
Binance CEO Changpeng “CZ” Zhao on Friday said the crypto exchange Binance has allocated another $1 billion in BUSD to the Industry Recovery Initiative (IRI). The move comes after several people in the crypto community shared on Twitter that Binance’s $1 billion in BUSD commitment to its crypto industry recovery fund or IRI is insufficient to help companies or projects facing liquidity issues following the collapse of FTX.
Binance CEO “CZ” Allocated Another $1 Billion
Binance CEO “CZ” in a tweet on November 25 announced that Binance has allocated another $1 billion to the industry recovery initiative. With another $1 billion in BUSD, the fund balance has increased to over $2 billion.
“Yesterday, Binance allocated ANOTHER $1 billion to the industry recovery initiative. All in BUSD.”
Binance CEO on November 24 announced an initial commitment of $1 billion. He promised to ramp up its commitment amount to $2 billion in the near future, depending on need. Whereas, other companies including Jump Crypto, Polygon Ventures, Aptos Labs, Animoca Brands, GSR, Kronos, and Brooker Group commit $50 million in total.
According to Etherscan data on the public address for Binance’s initial commitment shows the wallet has over $1 billion in total token holdings. The other $1 billion in BUSD tokens are available in the “Binance 7” address, as per PeckShieldAlert.
Tron founder Justin Sun and Tron DAO have applied to inject capital into Binance’s “Industry Recovery Initiative”. The participants in funding will look for projects characterized by innovation and long-term value creation, a clear business model, and a focus on risk management.
Crypto Market to Rally Soon?
With Binance and other players looking to help projects recover from the liquidity issues, the crypto market recovered from lower levels on Wednesday. However, the crypto prices move sideways amid mixed sentiment among traders.
Bitcoin price is trading at $16,447, down 1% in the last 24 hours. Whereas, Ethereum’s price fell nearly 2%, with the current price trading at $1,179.
Source : Coingape