Some details of the industry recovery initiative were shared by cryptocurrency exchange Binance on Thursday, which the crypto firm pointed to as a new opportunity to support Web 3.0 and how it could be an enabler and enabler for future technology. It is a very good scheme that we are going to give and the users will get a lot of benefit from it and there will be some relief and recovery from the current turmoil. According to the announcement, initially Binance will increase that amount to US$2 billion in the near future if needed and also commits another US$1 billion for various investment opportunities.
“So far, Jump Crypto has been led by Polygon Ventures, Aptos Labs, Animoca Brands, GSR, Cronos and Bruker Group to participate with initial commitments of approximately US$50 million and they expect more participants to follow soon. will be included in this list and each participant has deposited a separate amount of capital in stablecoin or other token.
Binance also explained that a clearly delineated and structured business model for innovation and long-term core-creation and risk-focussed special projects continues to be sought, and that it will be possible to build plans in the future that allow these Wherein the crypto exchange noted that adopting a collaborative approach is of utmost importance to build trust in web3 which makes this initiative unique.
Binance CEO Changpeng Zhao (CZ) once revealed that his company is setting up a crypto recovery last week where the executive explained that the recovery fund aims to mitigate the negative environment currently prevailing in the market. It has to be eliminated and for this they have started 20 projects from here to reduce the damage caused by FTX and to instill confidence in the users towards the crypto industry and where the industry is in trouble, with the help of the same projects To reduce the crisis. CZ compared the FTX fiasco to the financial crisis of 2000 and issued dire warnings about it, where FTX filed for bankruptcy on November 11 and subsequently stepped down as CEO, and other disclosures and investigations by committees of all transactions. Debt liquidation process: Everyone is fully aware of this process and know that the present crisis is spread in the market.
Binance also explained that IRI is not an investment fund where we have already received about 150 applications from companies seeking support through IRI. The aim of this new initiative is to develop the best technology and enterprise and show a new ray of hope in it where to support companies and projects and take important and good decisions while correcting their own mistakes so that the industry can move in a good direction and accelerate well. Here we have to learn from our mistakes and take further steps keeping all the mistakes in mind. The announcement stated that the first is expected to last approximately 6 months, with an investment structure that will provide liquidity across token, fiat, equity, convertible instruments, loans, credit lines, and as we expect will be tailored to individual situations. Only solutions will be developed and according to that we will achieve our goal.
