TechFlow news, according to Bloomberg, Binance launched the Web3 Industry Recovery Initiative (IRI) following the FTX collapse in November last year and publicly disclosed the wallet address holding 1 billion BUSD.
However, wallet analysis shows that so far, less than $30 million has been deployed since the initiative's launch. Out of nine designated participants, only one has committed its full pledged amount. The only publicly disclosed investment under the program was Binance’s announcement in February of acquiring a majority stake in South Korean cryptocurrency exchange GOPAX for $15 million. Binance stated it is awaiting final approval from local regulators to complete the transaction.
A Binance spokesperson said IRI has funded 14 projects but declined to reveal the names or specific funding amounts, noting that the initiative remains open for applications.
An informed source said that crypto market maker GSR evaluated 60 applications received through IRI, but none aligned with its strategy.
