• Binance CEO Chengpang Zhao announced the allocation of more than $1 billion to the recovery fund.
  • Binance’s US arm will rebid on bankrupt lending platform Voyager following FTX’s collapse.
  • Binance Coin price noted a 12.17% uptick over the last 24 hours.

Binance and its CEO Chengpang Zhao (CZ), have emerged as key entities over the last couple of weeks following FTX’s collapse. The downfall of the now-bankrupt FTX exchange also inspired CZ to launch an industry recovery fund. Living up to his word, the executive launched the Industry Recovery Initiative (IRI) on Thursday.

Binance takes initiative

Binance introduced a fund titled the Industry Recovery Initiative (IRI) to support the future of web3. Taking charge of protecting the consumers and rebuilding the industry, Binance presented eager organizations with the opportunity to co-invest in the IRI.

The announcement came hours after CZ stated in an interview with Bloomberg that Binance would be setting aside $1 billion for the fund. As per the fund’s address, the IRI has a mix of assets, including Binance USD (BUSD), Ethereum (ETH), Tether (USDT), Luffy (LUFFY) and XEN Crypto (XEN). However, the fund is mostly entirely made up of BUSD, which alone amounts to $1.002 billion.

Industry Recovery Initiative asset distribution

Industry Recovery Initiative asset distribution

As previously reported, the IRI has been conceived as a means of helping projects that are fundamentally strong but are suffering from liquidity crises. Binance further clarified that the IRI is not going to be an investment fund and that it would only last about six months.

Binance.US plans to bid on Voyager, again

During the interview on Thursday, CZ also stated that Binance arm in the United States, Binance.US, is preparing to bid on Voyager once again. The fallout of FTX led to the bankrupt exchange pulling out of its bid, allowing Binance to jump back in. Explaining the reason for holding back on the bid before, Zhao stated,

“I think the US national security concerns were rumors spread by FTX to try and push us out of the bid. There was never any concerns about us participating in the bid.

He further refuted the allegations of Binance being a Chinese company claiming no relation to China, tweeting,

Binance Coin price makes a jump

Binance Coin price registered a 12.17% spike in price in the last 24 hours to trade at $298. The exchange token flipped some breached through multiple resistances and is looking to tag $311 over the next few trading sessions.

BNB/USD 1-day chart

BNB/USD 1-day chart

The rise was also seen on the broader crypto market. The total crypto market capitalization spiked by 3.2% to recover more than $24 billion on Thursday. This brought the total value of the crypto market up to $789 billion. A consistent bullish momentum from here on is expected to improve the market’s condition, further upping the combined value of all cryptocurrencies to $800 billion.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.

More Altcoin News
Shanghai court confirms legal recognition of crypto ownership

Shanghai court confirms legal recognition of crypto ownership

A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.

More Cryptocurrencies News
BTC hits an all-time high above $97,850, inches away from the $100K mark

BTC hits an all-time high above $97,850, inches away from the $100K mark

Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: New high of $100K or correction to $78K?

Bitcoin: New high of $100K or correction to $78K?

Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP