Binance welcomes Web3 leaders to lead Web3 industry recovery
The major cryptocurrency exchange, Binance, recently announced a collaboration with Web3 leaders. The integration will place them at the helm of Web3 IRI (Industry Recovery Initiative).
IRI will create co-investment opportunities for companies trying to build and support Web3. To help users understand IRI and its operations, Binance released a brief post on its website.
The post made clear that IRI will not function as an investment fund. Companies can gain access to investment opportunities through IRI by setting aside money commitments in public addresses for transparency.
The investment opportunities will be evaluated by each participant (including Binance) in accordance with each transaction. IRI will remain open to exploring new contract arrangements with centralized financial institutions.
The initiative is expected to stay live for six months and will explore assets like equity, debt, tokens, convertibles, credit lines, fiat, etc. As more parties experiment with the deal structures, the investment mechanism will grow as well.
IRI will allow every participant to withdraw any remaining unused money from the public address once the initiative expires. Users can click here to learn more about Binance and its different services.
For starters, Binance has decided to commit 1 billion dollars to IRI-based investment prospects. The amount can go up to 2 billion dollars based on the initiative’s need. Here are some of the participants who have announced their intention to join the initiative:-
- Animoca Brands
- Aptos Labs
- Brooker Group
- Jump Crypto
- Polygon Ventures
The platforms have accumulated over 50 million dollars for the initiative, and more participants are expected to join the cause soon. Currently, IRI is reviewing more than 150 applicants seeking support.
Every co-investor at IRI can review probable deals and indulge in them for better growth. Given the market standing of the revealed parties, the number of participants will certainly surge.