Animoca Brand becomes co-investor in Binance’s Industry Recovery Initiative

Being the industrial leader in the crypto world, Binance has taken up an initiative to protect the consumers, build companies and rebuild the crypto industry. Binance has launched a co-investment opportunity for organizations that are interested and eager to support the Web3 companies under its Industry Recovery Initiative. 

Introducing the Web3 Industry Recovery Initiative! #Binance 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.

Let’s support industry growth together.

— Binance (@binance) November 24, 2022

Moreover, many leading companies in the industry like Animoca Brands have agreed to participate in the initiative and have given a wholesome commitment to provide USD 50 million. Other companies such as Polygon Ventures, Jump Crypto and GSR Groups have also agreed to be a part of the initiative. 

This initiative is not an investment fund but an opportunity for businesses to acquire investments from leading companies in the Web3 universe. To begin with, Binance has committed to providing USD 1 Billion to investment-themed opportunities with an aim to kickstart the near future of the companies seeking to get an investment. 

.@binance has committed $1 B to the fund; @AptosLabs, @jump_, @0xPolygon, @animocabrands, @GSR_io, @ResearchKronos, & @BrookerGroupPLC have committed an initial $50M. According to Binance, 150 other companies have also applied to participate.⁰https://t.co/Ju1PVlyVT6 https://t.co/UEbH0DMeyM pic.twitter.com/OPlzdy612Q

— Animoca Brands (@animocabrands) November 25, 2022

Binance via Twitter has also announced that so far they have received about 150 applications from companies seeking investment support under the Industry Recovery Fund. The investors will get the opportunity to review and decide for themselves for which company to support. As a mandate, the initiative is for the companies that possess the highest quality of work ethic in the Web3 universe and that are facing financial difficulties.  

In order to apply for financial support under this initiative companies have to set aside committed capital after which Binance and other Co-investors would review the received applications. Collectively, this initiative is for long-term innovation companies with a viable business model and laser support management that require financial backing.