{"id":70566,"date":"2022-11-24T20:01:23","date_gmt":"2022-11-24T18:01:23","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=70566"},"modified":"2025-09-08T03:02:31","modified_gmt":"2025-09-08T00:02:31","slug":"binance-earmarks-1-billion-for-web3-industry-recovery-initiative","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/binance-earmarks-1-billion-for-web3-industry-recovery-initiative\/","title":{"rendered":"Binance earmarks $1 billion for Web3 Industry Recovery Initiative"},"content":{"rendered":"<p>The cryptocurrency exchange Binance has launched an Industry Recovery Initiative (IRI) aimed at the &#8216;recovery of the Web3 industry&#8217;. The platform has contributed $1 billion to it and announced plans to raise that amount to $2 billion.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Introducing the Web3 Industry Recovery Initiative! <a href=\"https:\/\/twitter.com\/hashtag\/Binance?src=hash&#038;ref_src=twsrc%5Etfw\">#Binance<\/a> and a number of key industry partners have joined together to commit $1B+ to provide financial support to the most promising and highest-quality companies that need it most.<\/p>\n<p>Let\u2019s support industry growth together.<\/p>\n<p>\u2014 Binance (@binance) <a href=\"https:\/\/twitter.com\/binance\/status\/1595807580735131649?ref_src=twsrc%5Etfw\">November 24, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to the press release, each participant in the initiative must earmark capital, placing it on public addresses to ensure transparency.\u00a0<\/p>\n<p>The initiative&#8217;s framework has already registered 150 relevant applications.<\/p>\n<p>As initial commitments, Binance placed roughly $1 billion in BUSD at a public <a href=\"https:\/\/etherscan.io\/address\/0x043a80999cEe3711D372FB878768909fbE7F71E6#tokentxns\">address<\/a>.<\/p>\n<p>The initiative was supported by Jump Crypto, Polygon Ventures, Aptos Labs, Animoca Brands, GSR, Kronos and Brooker Group \u2014 collectively they will contribute around $50 million to the IRI.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cWe expect more participants to join them in the near term. [\u2026] We understand that traditional financial institutions may want to participate in the project, but cannot send money to a public address. We are open to exploring other structures of deals,\u201d the statement said.<\/p>\n<\/blockquote>\n<p>Binance emphasised that participants in the initiative will make decisions independently of each other. When the fund ceases to exist, they will be able to withdraw unused assets.\u00a0<\/p>\n<p>IRI will prioritise innovative projects aimed at creating long-term value. Applicants for funding must also have a viable business model and sound risk management.\u00a0<\/p>\n<p>In a Bloomberg interview, Binance chief Changpeng Zhao <a href=\"https:\/\/u1f987.com\/en\/news\/changpeng-zhao-did-not-rule-out-the-possibility-of-acquiring-ftx-assets\">did not rule out<\/a> the possibility of Binance acquiring FTX&#8217;s assets.<\/p>\n<p>Follow ForkLog&#8217;s Bitcoin news on our <a href=\"\/\/telegram.me\/forklog\" target=\"\u201c_blank\u201d\" rel=\"\u201cnofollow\u201d noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The cryptocurrency exchange Binance has launched an Industry Recovery Initiative (IRI) aimed at the &#8216;recovery of the Web3 industry&#8217;. The platform has contributed $1 billion to it and announced plans to raise that amount to $2 billion.<\/p>\n","protected":false},"author":1,"featured_media":70567,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[744,1133],"class_list":["post-70566","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-binance","tag-venture-investments"],"aioseo_notices":[],"amp_enabled":true,"views":"29","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/70566","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=70566"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/70566\/revisions"}],"predecessor-version":[{"id":70568,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/70566\/revisions\/70568"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/70567"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=70566"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=70566"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=70566"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}