According to Binance’s statement, Aptos Labs and Jump Crypto will contribute to Binance’s recovery fund.
Binance said it plans to increase its $1 billion bailout fund to $2 billion due to increased participation.
Support from Aptos Labs and Jump Crypto
Aptos Labs and Jump Crypto will contribute $50 million to the $1 billion Industry Recovery Initiative (IRI) led by Binance.
Other backers of the fund include Polygon Ventures, Animoca Brands, GSR, Kronos, and Brooker Group.
The fund will be used to bail out companies affected by the crisis that has ravaged the industry recently.
With the big drop in the crypto industry, crypto companies entered a major liquidity crisis. Companies like FTX, Celsius Network, Voyager Digital, Three Arrows Capital and Compute North went bankrupt with the crisis.
Binance plans to raise the fund to $2 billion as it expects more participation from crypto companies.
Binance CEO Changpeng Zhao has announced that the US arm of the exchange will bid for Voyager Digital.
