Binance announced the Web3 Industry Recovery Initiative (IRI), a new co-investment opportunity for organizations eager to support the future of Web3.
The IRI is not an investment fund. Each participant is required to set aside committed capital (it can be in Stablecoins, or other tokens) within public addresses. This initiative will last about six months and will be flexible on the investment structure -- token, fiat, equity, convertible instruments, debt, credit lines, etc. Each participant can withdraw any remaining unused funds from public addresses at the end of the initiative.
Initially, Binance will commit $1 billion to IRI-themed investment opportunities with an intent to ramp up that amount to $2 billion in the near future if the need arises. So far, Jump Crypto, Polygon Ventures, Aptos Labs, Animoca Brands, GSR, Kronos and Brooker Group have also committed to participating with an initial aggregate commitment of around $50 million.
Binance has already received around 150 applications from companies seeking support under the IRI.
In addition, the public address for Binance's initial commitment of BUSD 1 billion is: 0x043a80999cEe3711D372FB878768909fbE7F71E6. Other participants’ addresses will be released over the next week.
Binance
Web3
