Binance continues to set the standard for the crypto industry with a brand new ‘Industry Recovery Fund’.
After the disastrous events of Blockfi, Celsius, FTX, and Voyager this year, Binance have created an Industry Recovery Fund to support struggling enterprises within the cryptocurrency industry.
Binance stated on their official Twitter page –
“Binance and a number of key industry partners have joined together to commit $1B+ to provide financial support to the most promising and highest-quality companies that need it most.”
CZ then went on to state –
“If that’s not enough [$1 billion] we can allocate more,” in an interview with Bloomberg.
In their official publication, Binance explained that they’re going to commit $2 billion to the Industry Recovery Fund along with other big players in the industry –
“Initially, Binance will commit USD 1 billion to IRI-themed investment opportunities with an intent to ramp up that amount to USD 2 billion in the near future if the need arises. So far, Jump Crypto, Polygon Ventures, Aptos Labs, Animoca Brands, GSR, Kronos and Brooker Group have also committed to participating with an initial aggregate commitment of around USD 50 million, and we expect more participants to join soon.”
The public address for Binance’s initial commitment of BUSD 1 billion is: https://etherscan.io/address/0x043a80999cEe3711D372FB878768909fbE7F71E6
Binance proof of reserves
In the same week that Binance announced the ‘Industry Recovery Fund’, they also announced proof of reserves to put to rest any rumours that they may not have enough reserves to pay out creditors [1]
Criticism
@CryptoVinco on Twitter believes Binance is now acting like a central bank –
@BeraNewsNetwork tweeted that the new Industry Recovery Fund failed to pump Bitcoin
To end with some quotes –
“Power tends to corrupt and absolute power corrupts absolutely” – Lord Acton [2]
“No one man should have all that power” – Kanye West from his song ‘Power’ [3]
Do you think Binance and CZ are setting the standard for the crypto industry or do you now think CZ has too much power? Let us know in the comments below.
Written by JayXBT
