cryptonews.net
Blockchain operator Tron DAO and its billionaire founder Justin Sun have applied to contribute capital to the Binance's industry recovery fund. Binance released details about the fund yesterday after CEO Changpeng Zhao previously revealed the plan to launch it. Binance has allocated $1 bln. Jump Crypto, Polygon Ventures, Aptos Labs, Animoca Brands, GSR, Kronos, and Brooker Group have agreed to an initial combined commitment of approximately $50 mln.
Binance hopes the fund can mitigate some of the damage dealt to the crypto industry by the downfall of Sam Bankman-Fried’s empire of crypto companies, at the center of which stood crypto exchange FTX. The collapse of FTX affected a wide variety of businesses in the sector, from investment firms to early-stage DeFi projects.
Contributions to the industry recovery fund can be tracked using blockchain analytics. Binance said in a blog post yesterday that its investment could be raised to $2 bln “in the near future if the need arises.” The fund is focused on projects that are deemed economically viable and innovative but are facing liquidity issues as a result of the FTX crisis.
Image: Binance