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Animoca, Polygon and Aptos join Binance recovery initiative

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Binance launched a emergency fund called Industry Recovery Initiative (IRI).) and initially with 1 billion. Skip Crypto, Polygon Ventures, Apt or again Animoca Brand have joined the initiative.

On Thursday, the giant Binance has announced the official launch of its Industry Recovery Initiative (IRI). aimed at supporting projects that are sound and promising, but are affected by current market conditions.

As a major player, we understand that we have a responsibility to lead the charge when it comes to protecting consumers and rebuilding the industry. That’s why we’ve created the Industry Recovery Initiative (IRI), a new co-investment opportunity for organizations willing to support the future of the Web3″, explained the stock exchange of the Czech Republic.

While Binance has already contracted 1 billion in BUSDthe stablecoin issued by Paxos in collaboration with the exchange, we learn that other major industry figures also support the initiative.

Jump Crypto, Polygon Ventures, Aptos Laboratories, Animoca Marks, RSG, Kronos y Brooker Group have committed to invest a total of EUR 50 million into the stimulus fund, which could reach $2 billion, according to Binance.

“We expect this initiative to last for about six months and will be flexible in terms of investment structure – tokens, fiat, equities, convertible instruments, debt, credit lines, etc. – as we expect individual situations to require tailored solutions,” Binance said. – as we expect individual situations to require tailored solutions,” Binance said.

The No. 1 cryptocurrency exchange says it has already received 150 applications from projects wishing to benefit from the IRI.

Following the announcement of FTX’s bankruptcy earlier this month, several cryptocurrency companies, including broker Genesis, have started to run into trouble. As in the case of Terra in the spring, the contagion effects were rapidly manifested in the ecosystem.

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