Binance has just launched a new co-investment opportunity for companies willing to support the future of Web3. Called the Industry Recovery Initiative (IRI), the project will be about advocating for consumers and reviving the cryptocurrency industry. Admittedly, the IRI is not an investment fund, but it will bring together all the biggest leaders in the industry.
How the Binance Project Works
For the success of its initiative, Binance has implemented several terms of participation. Thus, the first condition for contributing is to set aside the funds pledged in public addresses. This will maintain transparency, and open doors to investment opportunities that arise from the IRI application process. Each participant, including Binance, will evaluate investment prospects and decide whether or not to invest without consulting the others. According to Binance’s forecast, the project will last about six months.
Furthermore, since different situations will require different types of solutions, the mode of investment will be variable (tokens, fiat, shares, convertible instruments, debt, lines of credit, etc.). After the 6 months, all participants will be able to withdraw their unused funds from public addresses. As part of the project, Binance will initially commit $1 billion to the various investment opportunities. However, this budget could increase to $2 billion in the near future if the need arises.
A solidarity movement to accelerate the growth of Web3
Separately, with a combined initial commitment of approximately $50 million, Jump Crypto, Polygon Ventures, Aptos Labs, Animoca Brands, GSR, Kronos, and Brooker Group have already expressed interest in participating. Nearly 150 other participants are also ready to join the adventure. In fact, the objective of this initiative is to help the most promising companies. Created by excellent entrepreneurs and engineers, they often experience significant financial difficulties at the start. In fact, what makes this campaign stand out is its team effort to build trust in Web3.
Ultimately, in addition to financial support, IRI should be able to offer project promoters more extensive support. This includes instruction, technical implementation, or fundraising to help them survive and thrive during the bear market.
Receive a digest of news in the world of cryptocurrencies by subscribing to our new service of daily and weekly so you don’t miss any of the essential Tremplin.io!
