📢Odaily Planet Daily recently reported that after the collapse of FTX in November last year, Binance launched the Web3 Industry Recovery Initiative (IRI) and disclosed 1 billion BUSD wallet addresses. However, wallet records to date show that the initiative has deployed less than $30 million since its launch, and only one of the nine designated participants has committed all of its pledged funds. 😮
Binance’s only publicly disclosed investment as part of the plan was the $15 million purchase of a majority stake in South Korean cryptocurrency exchange GOPAX announced in February. Binance said it is awaiting final approval from local regulators to complete the transaction. 🇰🇷
A Binance spokesperson said that IRI has funded 14 projects, but declined to disclose the names of these projects or the specific amount of funding provided. IRI is still accepting applications. Cryptocurrency market maker GSR evaluated 60 applications received through IRI, but none fit its strategy, a person familiar with the matter said. 🤔
It is worth mentioning that approximately 985 million BUSD were transferred from the Binance Industry Recovery Fund to Binance in March. Meanwhile, the crypto-asset industry remains cash-starved and companies are laying off employees to stay afloat. Funding raised in September was $508 million, the lowest level since November 2020, according to PitchBook data. 💰
Despite the unsatisfactory market performance, we are still confident in the future of Bitcoin! 💪
Binance’s only publicly disclosed investment as part of the plan was the $15 million purchase of a majority stake in South Korean cryptocurrency exchange GOPAX announced in February. Binance said it is awaiting final approval from local regulators to complete the transaction. 🇰🇷
A Binance spokesperson said that IRI has funded 14 projects, but declined to disclose the names of these projects or the specific amount of funding provided. IRI is still accepting applications. Cryptocurrency market maker GSR evaluated 60 applications received through IRI, but none fit its strategy, a person familiar with the matter said. 🤔
It is worth mentioning that approximately 985 million BUSD were transferred from the Binance Industry Recovery Fund to Binance in March. Meanwhile, the crypto-asset industry remains cash-starved and companies are laying off employees to stay afloat. Funding raised in September was $508 million, the lowest level since November 2020, according to PitchBook data. 💰
Despite the unsatisfactory market performance, we are still confident in the future of Bitcoin! 💪