Aptos Labs, Polygon Ventures, Jump Crypto, Animoca Brands, GSR, Kronos and Brooker Group are committed to being part of Binance’s Industry Recovery Initiative and have contributed an aggregated $50 million.
Binance Launches its Industry Recovery Initiative
Binance announced Thursday that it was launching its Industry Recovery Initiative (IRI) ‘to support the most promising and highest quality companies and projects built by the best technologists and entrepreneurs that, through no fault of their own, are facing significant, short term, financial difficulties.’
The exchange went on to commit $1 billion of its own funds to the IRI and invited other organizations to be part of the new co-investment opportunity. Binance, however, clarified that the IRI was not an investment fund. The Binance team added that it would soon top up the amount to $2 billion.
As earlier stated, Aptos Labs, Polygon Ventures, Jump Crypto, Animoca Brands, GSR, Kronos and Brooker Group have committed to participating in the IRI, with more participants expected soon.
Binance Announces Another $1 Billion to the Industry Recovery Initiative
Less than 24 hours after Binance announced its Industry Recovery Initiative, CZ announced via Twitter that the exchange had increased the amount set aside by another $1 billion to hit the targetted $2 billion.
Yesterday, #Binance allocated ANOTHER $1 billion to the industry recover initiative. All in BUSD.
— CZ 🔶 Binance (@cz_binance) November 25, 2022
Crypto Markets Remain Stable with Bitcoin Trading Above $16k
To note is that Bitcoin has been relatively stable since Binance announced its Industry Recovery Initiative.
A glance at the one-day BTC/USDT chart below, courtesy of Tradingview, reveals that Bitcoin remains in bearish territory below the 50-day (white), 100-day (yellow), 200-day (green) and 200-week (red) moving averages.
However, Bitcoin’s daily MFI (green), RSI (red) and MACD all hint at a brief interest in buying by crypto traders that could result in BTC/USDT intersecting with its 50-day moving average around the $17k price level in the following days.
The King of Crypto has slowly recovered from its recent low of $15,476 and is attempting to turn $16.5k into support which could propel it to the stated $17k price area.
But caution is advised given that the Genesis and Digital Currency Group situation is yet to resolve.
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