Binance tight-lipped on projects funded by $1B crypto recovery fund and top web 3.0 companies.
Binance tight-lipped on projects funded by $1B crypto recovery fund

Binance’s Industry Recovery Initiative

Binance-led Industry Recovery Initiative (IRI) was launched in November 2022 to support the cryptocurrency industry after the FTX collapse. The project aimed to raise $1 billion in BUSD stablecoins, of which Binance contributed $15 million. In March, Binance converted the remaining $985 million from BUSD to cryptocurrencies such as Bitcoin (BTC), due to increasing regulatory scrutiny of stablecoins.

In addition to Binance, 18 other organizations, including Animoca Brands, Aptos Labs, Jump Crypto, Polygon Ventures, and others, donated a total of $100 million to the IRI by the end of February 2023.

However, a recent report suggests that the IRI may not have been as successful as anticipated.

As the world continues to explore the potential of web 3.0, many are asking how to use, invest in, and benefit from the top web 3.0 projects and leading web 3.0 companies. While blockchain is often associated with web 3.0, it is important to understand the differences between the two. Google and other tech giants are also exploring web 3.0, and there are many web 3.0 companies such as Polygon that are leading the way.

Binance’s $1 Billion IRI Fund

In the three months following its launch, Binance’s $1 billion Innovation and Research Initiative (IRI) funded 14 projects, though it did not disclose the names of the companies that received funding. The only publicly-disclosed expense from the IRI was Binance’s acquisition of South Korean crypto exchange Gopax, which was announced in early February.

According to wallet data collected by Bloomberg, the IRI has invested less than $30 million since its inception last year. Of the nine named participants, only DWF Labs and Aptos, which is backed by Binance, have spent any of the committed funds.

It is uncertain if the IRI is still supporting cryptocurrency projects as its Google Docs application form is still active. Cointelegraph contacted Binance for comment, but did not immediately receive a response.

The advent of Web 3.0 has brought about many questions, such as how to use Web 3.0, the top Web 3.0 projects, and leading Web 3.0 companies. Additionally, people are asking if blockchain is Web 3.0, which are the top Web 3.0 companies, how to invest in Web 3.0 companies, and the role of Polygon in Web 3.0. Lastly, people are wondering if Web 3.0 is blockchain, and the relationship between Google and Web 3.0.

The IRI’s substantial capital investments compared to its actual contributions are a result of the cryptocurrency industry’s urgent need for funding.

The level of venture capital going to cryptocurrency-related projects in the third quarter of 2023 dropped as much as 70% compared to the record-breaking $17 billion that was seen in the first quarter of 2021, according to a report from blockchain analytics firm Messari on Oct. 5. The total amount of crypto VC investment in Q3 2023 was approximately $2 billion.

The search for web 3.0 solutions has been on the rise, with many companies and investors looking to capitalize on the potential of this new technology. Polygon, Google, and other leading web 3.0 companies are at the forefront of this development, as they look to revolutionize the way we interact with the internet. With the rise of blockchain-based web 3.0 applications, investors have been keen to explore how they can invest in web 3.0 companies and reap the rewards of this new technology.

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