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Billion-Dollar Binance Crypto Recovery Initiative Rallies 7 Others to Contribute $50M
The collapse of FTX sent shockwaves to the entire crypto industry.
Binance leads the Industry Recovery Initiative, a $1 billion fund to help affected crypto companies.
Companies such as Polygon Ventures, Animoca Brand, among others have also contributed $50 million.
Binance, the world’s largest crypto exchange, revealed an Industry Recovery Initiative—a $1 billion fund to help crypto companies in need. Now, other companies are jumping in to contribute.
The collapse of one of the largest crypto exchanges, FTX, sent shockwaves across the entire crypto industry. The fall of the whole empire was deemed one of the enormous destructions of wealth. Not just for the leading platform but even for related companies, as the contagion effect took a series toll. 
The crypto community would need to take significant steps to recover from this drawback. Different famed individuals don’t expect a recovery anytime soon because it will be a grind-out of rebuilding trust.
But small steps to build trust and infrastructure could be in play here with this latest development.