Binance CEO “CZ” Adds Another $1B In BUSD To Industry Recovery Initiative – Crypto News – Crypto News
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Binance CEO “CZ” Adds Another $1B In BUSD To Industry Recovery Initiative – Crypto News

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Binance CEO Changpeng “CZ” Zhao on Friday said the crypto exchange Binance has allocated another $1 billion in BUSD to the Industry Recovery Initiative (IRI). The move comes after several people in the crypto community shared on Twitter that Binance’s $1 billion in BUSD commitment to its crypto industry recovery fund or IRI is insufficient to help companies or projects facing liquidity issues following the collapse of ftx,

Binance CEO “CZ” Allocated Another $1 Billion

Binance CEO “CZ” in a tweet on November 25 announced that Binance has allocated another $1 billion to the industry recovery initiative. With another $1 billion in BUSD, the fund balance has increased to over $2 billion.

“Yesterday, Binance allocated ANOTHER $1 billion to the industry recovery initiative. All in USD.”

Binance CEO on November 24 announced an initial commitment of $1 billion, He promised to ramp up its commitment amount to $2 billion in the near futuredepending on need. Whereas, other companies including Jump Crypto, Polygon Ventures, Aptos Labs, Animoca Brands, GSR, Kronos, and Brooker Group committed $50 million in total.

According to Etherscan data on the public address for Binance’s initial commitment shows the wallet has over $1 billion in total token holdings, The other $1 billion in BUSD tokens are available in the “Binance 7” address, as per PeckShieldAlert,

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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