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

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

Zhao Changpeng, founder and chief executive officer of Binance. Credit: Reuters File Photo

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.

Also Read | SVB collapse shows fickleness of crypto money

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