According to TechFlow, Bloomberg reported that Binance launched the Web3 Industry Recovery Initiative (IRI) after the collapse of FTX in November last year and disclosed the wallet address of 1 billion BUSD.

However, wallet analysis shows that so far, less than $30 million has been deployed since the project was launched. Of the nine named participants, only one has invested the full amount of money they pledged. Binance’s only publicly disclosed investment as part of the program was the $15 million purchase of a majority stake in South Korean cryptocurrency exchange GOPAX, announced in February. Binance said they are awaiting final approval from local regulators to complete the transaction.

A Binance spokesperson said IRI has funded 14 projects, but declined to name them or the specific amounts of funding provided. IRI is still accepting applications.

Cryptocurrency market maker GSR evaluated 60 applications it received through IRI, but none fit its strategy, a person familiar with the matter said.