Binance’s Industry Recovery Initiative (IRI), which aimed to support the cryptocurrency industry following the collapse of FTX, may not have been as effective as hoped, according to a new report. Binance initially committed $1 billion in its BUSD stablecoins to the IRI, but only spent $15 million before moving the remaining $985 million back to its treasury. The funds were later converted to cryptocurrencies due to regulatory concerns. Other organizations contributed an additional $100 million to the IRI. Binance claimed to have funded 14 projects, but only two participants were found to have spent any of the committed funds. The IRI’s actual contributions have amounted to less than $30 million. It is unclear if the IRI is still active. The cryptocurrency industry is currently facing a funding shortage, with venture funding dropping by as much as 70% in Q3 2023 compared to the previous year.

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Information	Details
Geography	Asia
Countries
Sentiment	neutral
Relevance Score	0
People	None
Companies	Polygon Ventures, Jump Crypto, Gopax, Animoca Brands, DWF Labs, Messari, Aptos Labs, Binance, FTX, Bloomberg
Currencies	Bitcoin, BUSD
Securities	None