Binance has officially launched its Industry Recovery Initiative (IRI) to assist crypto projects facing financial difficulties and has committed an initial $1 billion with an intent to increase it to $2 billion.

Earlier today, Binance officially launched the fund aptly named the Industry Recovery Initiative (IRI). The team at Binance reiterated that IRI is not an investment fund, and the exchange will initially commit $1 billion to it ‘with an intent to ramp up that amount to USD 2 billion in the near future if the need arises.’