Binance Changpeng Zhao had announced the launch of an emergency fund for projects facing a liquidity crunch a few days ago after the collapse of FTX and the domino effect it provoked. Binance had allocated a first $1 billion to the fund, now dubbed the Industry Recovery Initiative (IRI), and CZ announced that Binance had allocated another $1 billion to the initiative yesterday, all in BUSD, to shut down rumors that most funds were in volatile digital assets such as BNB.
In a blog post, it was said that the initiative had already received 150 applications for financial support.
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