Justin Sun, the millionaire founder of blockchain operator Tron DAO, has submitted an application to contribute money to Binance's industry recovery fund. After CEO Changpeng Zhao initially announced the plan to launch the fund, Binance yesterday provided more information about it. Binance has set aside $1 billion. Initially, Jump Crypto, Polygon Ventures, Aptos Labs, Animoca Brands, GSR, Kronos, and Brooker Group have committed a total of about $50 million.
Binance thinks that the fund would help lessen some of the harm that Sam Bankman-collapse Fried's of his empire of cryptocurrency businesses, which included the FTX exchange, caused to the sector. From investment firms to early-stage DeFi ventures, a wide range of companies in the sector were impacted by FTX's demise.
Using blockchain analytics, contributions to the industry recovery fund can be monitored. The fund is focused on initiatives that are regarded economically feasible and innovative but are struggling with liquidity as a result of the FTX crisis, and Binance said in a blog post yesterday that its investment might be boosted to $2 billion "in the near future if the necessity arises."
