Binance announced on Thursday it will commit $1 billion to its Industry Recovery Initiative (IRI), which aims to help certain crypto projects affected by the recent crypto liquidity crisis.
The cryptocurrency exchange noted its investment in the initiative could be increased to $2 billion "in the near future if the need arises" and added that Jump Crypto, Polygon Ventures, Aptos Labs, Animoca Brands, GSR, Kronos and Brooker Group also made commitments to participate in the initiative with an initial aggregate commitment of around $50 million.
Binance added it already received around 150 applications from firms asking for support under the IRI.
