ChainCatcher news, according to Bloomberg, after the collapse of FTX last November, Binance launched the Web3 Industry Recovery Initiative (IRI) and publicly disclosed a wallet address containing 1 billion BUSD. However, wallet analysis to date shows that less than $30 million has been deployed since the project's launch. Of the nine designated participants, only one has committed all of its promised funds. As part of the program, the only investment publicly disclosed by Binance is the announcement in February to purchase a majority stake in the South Korean cryptocurrency exchange GOPAX for $15 million. Binance stated that it is awaiting final approval from local regulators to complete the transaction.A Binance spokesperson stated that the IRI has funded 14 projects but declined to disclose the names of these projects or the specific amounts of funding provided, and that the IRI is still accepting applications. A source familiar with the matter indicated that cryptocurrency market maker GSR evaluated 60 applications received through the IRI, but none aligned with its strategy. It was previously reported in March that approximately 985 million BUSD was transferred from Binance's industry recovery fund to Binance.Meanwhile, the crypto asset industry continues to face a cash shortage, and the company is laying off employees to stay afloat. PitchBook data shows that the funds raised in September amounted to $508 million, the lowest level since November 2020.

ChainCatcher news, according to Bloomberg, Binance has acquired a majority stake in the South Korean exchange Gopax. The funds for this acquisition come from Binance's previously launched $1 billion "industry recovery plan," and the specific terms of the acquisition have not been disclosed. Gopax suspended customer withdrawals in November 2022, and its parent company Streami Inc. is one of the top 10 known creditors of Genesis Global, which is also a partner in the yield products offered by Gopax. Binance plans to inject capital into Gopax so that Gopax's yield product GoFi can facilitate customer withdrawals and interest payments. Changpeng Zhao expressed hope to further rebuild the cryptocurrency and blockchain industry in South Korea together with Gopax.Earlier reports indicated that Binance completed its due diligence on the acquisition of the South Korean exchange Gopax in early January and is in the final steps of confirmation procedures. At that time, Binance planned to purchase shares (41.2%) from Gopax's largest shareholder, CEO Lee Jun-hyung. (source link)

ChainCatcher news, Binance announces a $1 billion Industry Recovery Initiative (IRI) introduction, IRI is not an investment fund. Each participant is required to reserve committed capital within a public address, and investment opportunities will be reviewed on a case-by-case basis with independent investment decisions. This initiative is expected to last for about six months and will maintain flexibility in investment structures------Tokens, fiat currencies, equity, convertible instruments, debt, credit lines, etc.Initially, Binance will invest $1 billion in IRI-themed investment opportunities and intends to increase this amount to $2 billion in the near future if needed. So far, Jump Crypto, Polygon Ventures, Aptos Labs, Animoca Brands, GSR, Kronos, and Brooker Group have also committed to participate, with an initial total commitment of approximately $50 million, and more participants are expected to join soon. Binance's initial commitment of 1 billion BUSD's public address is: 0x043a80999cEe3711D372FB878768909fbE7F71E6. (source link)