Binance's Industry Recovery Initiative (IRI) has recently announced that it has successfully financed 14 projects, with the support of 18 organizations.

The IRI is a fund established by Binance to support the growth and development of the blockchain industry. The initiative has received tremendous support from 18 organizations that have jointly committed $1.1 billion. IRI participants have funded 14 projects, with another 57 in due diligence.

The IRI was created to support promising companies facing short-term financial difficulties as a result of the market turmoil in 2022. Binance’s first IRI investment has been awarded to GOPAX, one of the top five cryptocurrency exchanges in South Korea, to fulfill the GoFi users’ withdrawal requests. Other organizations that have pledged funds to the IRI include Animoca Brands, Aptos Labs, Brooker Group, DWF Labs, GSR, Jump Crypto, Kronos, and Polygon Ventures. Aptos and DWF have also announced IRI investments. Aptos has approved IRI funding for nine projects and is committed to continuing to support the industry. DWF has issued four grants from its IRI fund, providing financial support to Web3 projects MXC and Symbiosis, among others. The IRI selects industry players that are dedicated to innovation, have a viable business model, and focus on risk management.