- This is the Industry Recovery Initiative program.
- They will exchange BUSD for BTC, BNB and ETH
Crypto exchange Binance has decided to restructure its contribution to the Industry Recovery Initiative. They convert 1 billion BUSD stablecoins into bitcoin, ether and native BNB exchange tokens:
“Given the situation with stablecoins and banks, Binance will convert the remainder of the $1 billion Industry Recovery Initiative fund into BUSD into native cryptocurrencies, including BTC, BNB and ETH. Some movement of funds will occur within the network. Transparent”
Recall that the Industry Recovery Initiative (IRI) is a fund launched by Binance in the fall of 2022. It aims to revive the Web3 industry and was originally supposed to be backed by $1 billion. The company later announced that it plans to increase that amount to $2 billion.
Each participant of the initiative, when allocating funds, must place them on public addresses. This guarantees the transparency of contributions.
Organizations that join IRI will have access to “investment opportunities” to participate in projects that need support today. As a first gesture, Binance has listed $1 billion in BUSD here at a public address.
Now, due to the crisis in the sphere of stablecoins, the crypto exchange decided to convert its contribution into BTC, BNB and ETH.