Binance to convert crypto recovery fund to native crypto after SVB collapse

Binance launched the Industry Recovery Initiative (IRI) in November to help crypto projects facing a liquidity crisis after the collapse of rival FTX

Shubham Kalia, Reuters News

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Binance will convert the remaining of the $1 billion industry recovery initiative funds from BUSD stablecoin to native crypto, including Bitcoin, Ether and Binance Coin, amid recent changes in stablecoins and the banking industry, its CEO Changpeng Zhao said in a tweet on Monday.

Binance launched the Industry Recovery Initiative (IRI) in November to help crypto projects facing a liquidity crisis after the collapse of rival FTX.

(Reporting by Shubham Kalia in Bengaluru; Editing by Savio D'Souza)

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