Binance-initiated IRI fund has only spent some 2.7% of the total of $1.1 billion committed to saving crypto after the FTX collapse and has still not explained which entities benefited.Binance-spearheaded Industry Recovery Initiative , a co-investment project aiming to support the cryptocurrency industry in the aftermath of the FTX collapse, may not have been as effective as desired, a new report suggests.
Three months after launch, the IRI funded 14 projects, Binance claimed, without disclosing the names of the companies that received funding. The only publicly declared expense from Binance’s $1 billion IRI commitment was the exchange’s acquisition of the South Korean crypto exchange Gopax, According to wallet data collected by Bloomberg, the IRI has invested less than $30 million since its inception last year. Among nine named participants, only DWF Labs and Binance-backed Aptos had spent at least some of the committed funds.It’s unclear whether the IRI is still working to support cryptocurrency projects, as its Google Docs applicant form is stillTransactions associated with Binance-spearheaded Industry Recovery Initiative as of Oct. 9, 2023.
The IRI’s high capital commitments versus its actual contributions come as the cryptocurrency industry scrambles for funding., the blockchain analytics firm Messari reported on Oct. 5. According to the report, crypto VC volumes in Q3 2023 amounted to just around $2 billion, down from the all-time high $17 billion in Q1 2021.
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