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

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 BUSD.”

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 future, depending on need. Whereas, other companies including Jump Crypto, Polygon Ventures, Aptos Labs, Animoca Brands, GSR, Kronos, and Brooker Group commit $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.

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