Binance earlier established a crypto recovery fund to aid crypto projects.
As a global leader, CZ allocates 1 billion BUSD to the IRI fund.
Binance CEO CZ will soon allocate another $1 billion to the Industry recovery fund.
Announced the establishment of a crypto market recovery fund on Nov 13.
The fund was established primarily to assist crypto projects facing a liquidity crisis.
Several market participants have also expressed their support for the industry recovery fund. However, as a global crypto leader, Binance CEO CZ initially allocated 1 billion BUSD to the crypto market recovery fund.
The recovery fund currently holds $1.002 billion in its wallet, but it is mostly made up of BUSD.
Companies such as Polygon Ventures, Jump Crypto, Animoca Brands, Aptos Labs, Kronos, GSR, and Brooker Group have pledged to contribute between $50 million and $1 billion to the Industry Recovery Initiative (IRI).
The IRI is not an investment fund, but a co-investment opportunity for organizations eager to support the future of Web3. Participants who wish to participate must set aside committed capital in a public address.
In a recent interview, Binance CEO CZ stated that the crypto market recovery fund will pique the interest of more crypto players in the future. CZ further added that he is working quite hard to limit the cascading impact of FTX's demise on the crypto sector.
Binance CEO CZ earlier tweeted that the company will soon allocate $2 billion BUSD to a crypto market recovery fund. Experts believe the tweet was an attempt by CZ to encourage more participation towards the crypto fund.
If the crypto market recovery fund piques the interest of prominent market players and recovers a sufficient amount of funds, it will undoubtedly recover the broader crypto market.
What do you think, will Binance soon allocate another 1 billion BUSD to Industrial Recovery Initiative? Share your views in the comment section below.
