Binance's post-FTX Industry Recovery Initiative raised over $1 billion but deployed less than $30 million so far.
Binance’s Industry Recovery Initiative was announced in the wake of FTX’s collapse to help crypto projects that were otherwise strong but faced a liquidity crisis. However, the initiative has deployed less than $30 million so far, Bloomberg reported.
Binance moved $985 million of the funds it committed to the initiative back to its corporate treasury for other investments, the spokesperson added.Binance's sole public investment was a $15 million stake in the South Korean crypto exchange GOPAX. The deal was announced in February, but it is still awaiting approval from South Korea’s financial regulator after it postponed the acquisition in July.
“We didn’t identify many projects who would meet our criteria, and this is the same for the other investors,” Binance Labs’ business strategy lead Dana Hou told Bloomberg.
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