According to Binance’s announcement, Aptos Labs and Jump Crypto will contribute to Binance’s recovery fund.
Binance stated that it plans to increase its $1 billion rescue fund to $2 billion due to increased participation.
Support from Aptos Labs and Jump Crypto
Aptos Labs and Jump Crypto will contribute $50 million to the $1 billion Industry Recovery Initiative (IRI) led by Binance.
Other backers of the fund include Polygon Ventures, Animoca Brands, GSR, Kronos and Brooker Group. Dec.
The fund will be used to rescue companies affected by the crisis that has recently ravaged the sector.
With the big decline experienced by the crypto sector, crypto companies have entered a major liquidity crisis. Companies such as FTX, Celsius Network, Voyager Digital, Three Arrows Capital and Compute North went bankrupt with the crisis.
Binance plans to raise the fund to $ 2 billion, as it expects more participation from crypto companies.
Binance CEO Changpeng Zhao announced that the US arm of the exchange will bid for Voyager Digital.
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