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- On November 24, 2022, we launched the Industry Recovery Initiative (IRI) as part of our ongoing effort to support the crypto industry after a difficult year.
- Three months later, the IRI is backed by 18 organizations that have jointly committed $1.1 billion.
- At the time of writing, IRI participants have funded 14 projects, with another 57 in due diligence. Applications for support from the IRI are still open.
The Industry Recovery Initiative (IRI) has now been active for three months. We provide an update here on its progress and hear from some of the projects that have received support.
On November 24, 2022, we launched the Industry Recovery Initiative (IRI) as part of our ongoing effort to help rebuild the crypto industry after a difficult year and to protect users. Through this program, Binance and a number of other leading industry players, including the likes of Aptos and DWF, agreed to pledge funds to support worthwhile projects facing short-term financial difficulties as a result of 2022’s market turmoil.
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Aptos and DWF Also Announce IRI Investments
Among other organizations that have pledged money to the IRI are Animoca Brands, Aptos Labs, Brooker Group, DWF Labs, GSR, Jump Crypto, Kronos, and Polygon Ventures. Following our announcement of the Binance IRI investment in GOPAX, we also want to highlight the good work that our partners do as they support the digital asset industry with their funds via the IRI.
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Update on DWF’s IRI Investments
DWF Labs is a global digital asset market maker and multi-stage Web3 investment firm.
“While the market is suffering from crypto winter, we’re happy to be a part of the IRI, because it’s an opportunity for us and other responsible market players to find and support bright and promising projects,” said Andrei Grachev, managing partner of DWF Labs.
Over the last three months, DWF has issued four grants from its IRI fund, providing financial support to Web3 projects MXC and Symbiosis, among others.
“MXC empowers the world's largest Web3 IoT network. It is very exciting to work with great partners like DWF and Binance’s IRI fund,” said Sheen Hu Xin, DAO Initiator of MXC. “We believe 2023 will be the year of Web3 adoption, and our global IoT network will create a lot of meaningful applications!”
Nick Avramov, the Co-Founder of Symbiosis, commented: “Despite market uncertainties last year, Symbiosis remains committed to delivering value to its community, thanks to the support of DWF Labs. We’re very grateful and strive to exceed expectations in 2023.”
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