Billion

Raise

Coin

<ul class="news-points">
 <li>Changpeng Zhao’s Industry Recovery Initiative (IRI) project has reportedly failed without raising anticipated funds.</li>
 <li>Zhao proposed the project after the FTX fall with the intention of financing promising startups.</li>
 <li>Though Zhao anticipated a minimum of $1 billion to be invested by industry giants, no more than $30 million was raised.</li>
</ul>
According to a recent Bloomberg report, the Industry Recovery Initiative (IRI), a proposal initiated by <a href="https://coinedition.com/tag/Changpeng-Zhao/" rel="noopener noreferrer nofollow">Binance CEO Changpeng Zhao</a> following the FTX debacle, has not been successful. Failing to achieve the anticipated fund for industry stabilization, Zhao has reportedly decided to step back from the project.
When the whole crypto industry stood frozen in the long crypto winter that followed the abrupt <a href="https://coinedition.com/fbi-and-bahamas-authority-probe-ftx-fall-us-calls-sbf-to-question/" rel="noopener noreferrer nofollow">downfall</a> of the then-prominent crypto exchange FTX, Zhao came forward with the IRI proposal, intending to raise at least $1 billion from industry giants to fund promising startups. In November 2022, Zhao shared a Twitter thread announcing Binance’s IRI project to help strong projects in liquidity crisis.
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 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 To reduce further cascading negative effects of FTX, Binance is forming an industry recovery fund, to help projects who are …
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The post <a rel="noopener noreferrer nofollow" href="https://coinedition.com/binance-ceos-1-billion-iri-project-fails-to-raise-estimated-fund/">Binance CEO’s $1 Billion IRI Project Fails to Raise Estimated Fund</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinedition.com">Coin Edition</a>.

Binance CEO’s $1 Billion IRI Project Fails to Raise Estimated Fund

Coin Edition

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