Some of the early contributors include Jump Crypto, Polygon Ventures, Aptos Labs, Animoca Brands, GSR, and Kronos.
Binance’s $1 billion industry recovery fund has already attracted some big names, including Jump Crypto, Polygon Ventures, and market maker GSR.
Aptos Labs, Animoca Brands, and Kronos are among the other early contributors, according to CEO Changpeng Zhao.
These companies contributed an initial total commitment of around $50 million to the recovery fund. Binance anticipates that more participants will join soon, as over 150 applications have already been received.
The fund was announced last week to help mitigate the effects of FTX’s demise. The following address can be used to verify Binance’s initial commitment of 1 billion BUSD. Other participants’ addresses will be available in the coming week.
To access investment opportunities through the recovery fund’s application process, participants must set aside committed capital. Stablecoins or other tokens can be used as the capital. For transparency, public addresses must be shared.
The initiative will last approximately six months due to a flexible investment structure.
Binance emphasized that the recovery fund is not an investment vehicle. Binance plans to increase its investment to $2 billion “in the near future, if necessary.”