Binance says its Industry Recovery Initiative has 7 enrollees, 150 applicants

, with an addition $1 billion to be added “in the near future if the need arises.” Jump Crypto, Polygon Ventures, Aptos Labs, Animoca Brands, GSR, Kronos and Brooker Group have committed an initial $50 million between them to participate in the fund. According to Binance, 150 other companies have also applied to participate.

and a number of key industry partners have joined together to commit $1B+ to provide financial support to the most promising and highest-quality companies that need it most.The IRI is not an investment fund, the blog informs, but a “co-investment opportunity for organizations eager to support the future of Web3.” Participants that want to participate will be required to set aside committed capital in a public address.

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