Binance sets up crypto industry recovery fund with $1 billion initial commitment

Binance sets up crypto industry recovery fund with $1 billion initial commitment

Binance has set up a fund to rebuild the crypto industry following the fallout from its peer FTX’s collapse earlier this month, which will entail a $1 billion commitment from the crypto exchange giant. In a blog post published late Thursday, Binance said the fund – named the Industry Recovery Initiative (IRI) – will be open and accessible on a public address and will last approximately 6 months. “As a leading player in crypto, we understand that we have a …