Binance founder and CEO, Changpeng Zhao, has said that an initial $1 billion in funds will be used to support Web3 projects who are facing financial difficulty due to current market conditions, though these funds can be raised to $2 billion if needed. The Industry Recovery Initiative set up by the firm has been established in order to support the future of Web3 and restore confidence in the industry. It will be publicly visible on the blockchain and will initially run for six months.
As outlined in their blog, the company have promised not only to support their chosen projects through funding, but have said that they will provide founders with fundraising, marketing, and technical support, and will provide projects with tailored solutions for their individual needs in order to guide them through the crypto winter.
According to the blog, Binance have already received approximately 150 applications from projects for the fund, and have said they are looking for companies with a viable, long-term business model, who value innovation and risk-management, and are strong companies whose current liquidity issues are no fault of their own. If your company would like to apply for the Industry Recovery Initiative, you can do that here.
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