Jump Crypto, Polygon Ventures, GSR contribute to Binance's $1 billion recovery fund
Quick Take
- Jump Crypto, Polygon Ventures, Aptos Labs, Animoca Brands, GSR, and Kronos are among some of the early contributors.
- Binance is looking to amass around $1 billion for its “industry recovery fund,” CEO Zhao said.
Binance's industry recovery fund, to which it's already contributed $1 billion, has attracted some big names early on including Jump Crypto, Polygon Ventures and market maker GSR.
Aptos Labs, Animoca Brands and Kronos are also among some of the other early contributors, CEO Changpeng Zhao said. These firms joined the recovery fund with an initial aggregate commitment of around $50 million. Binance expects more participants to join soon, with over 150 applications already received.
The fund was announced last week to help mitigate the fallout stemming from FTX's collapse. Binance's initial commitment of 1 billion BUSD can be verified at the following address. The addresses of other participants will be available in the next week.
Participants must set aside committed capital to access investment opportunities through the recovery fund's application process. The capital can be in stablecoins or other tokens. Public addresses must be shared for transparency.
With a flexible investment structure, the initiative will last for about six months. Binance stressed the recovery fund is not an investment fund. Binance intends to ramp up its investment to $2 billion "in the near future if the need arises."
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