Justin Sun, the billionaire founder of Tron DAO and a blockchain operator, has submitted an application to contribute money to Binance’s industry recovery fund.
On November 14, CZ made the first mention of the industry recovery fund. The CEO of Binance also said that more information will be released soon. Binance provided the information as promised in one of its most recent announcements.
The “Industry Recovery Initiative” (IRI), the name of the recovery fund, aims to support web3’s future. The IRI is not an investment fund, as stated in the announcement. The IRI will initially receive $1 billion from CZ’s exchange. In reality, though, $2 billion is where the money is headed in the near future.
Tron’s Justin Sun applies to be a part of the recovery fund
The entrants who have contributed about $50 million to the fund are identified by the announcement’s specifics. Animoca Brands, GSR, Kronos, Jump Crypto, Polygon Ventures, Aptos Labs, and Brooker Group are a few of these businesses. For the sake of transparency, the public is also informed about the public address with the $1 billion fund.
“We were not aware of the announcement. Different players likely contacted Binance at different times. We have already applied to join this funding initiative and will hear back from them soon.”Justin Sun’s Tron DAO spokesperson told The Block
Justin Sun’s assistance will also help in boosting the fund. Binance hopes that the fund will help lessen some of the harm that Sam Bankman-Fried’s collapse of his empire of cryptocurrency businesses, which included the FTX exchange, caused to the sector. The collapse of FTX has impacted a wide range of companies in the sector, including early-stage DeFi projects and investment firms.
By design, blockchain analytics can be used to track contributions to the industry recovery fund. The fund will focus on initiatives that are thought to be innovative and economically viable but are having trouble getting funding because of the FTX crisis.
Binance’s fund comes as a last resort and a ray of hope for several potential projects. These projects have vested their trust in FTX and were brought down by the collapse of the exchange.