Share this article
Jump Crypto, Aptos Labs Commit to Binance-Led $1B Recovery Fund
Binance said it plans to increase the fund to $2 billion as it expects participation to increase.
Updated May 9, 2023, 4:03 a.m. Published Nov 24, 2022, 4:26 p.m.
Aptos Labs and Jump Crypto are among the prominent crypto companies that committed to contributing $50 million to a Binance-led $1 billion Industry Recovery Initiative (IRI), according to a press release.
Jump Crypto, a trading firm, and Aptos Labs, the entity behind the newly launched Aptos blockchain, are joined by venture capital firms Polygon Ventures and Animoca Brands as well GSR, Kronos and Brooker Group in contributing to the fund.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The fund will be used to buy distressed crypto assets following a downturn that has ravaged the industry for the past 12 months. A running theme of bad debt and a lack of liquidity has resulted in numerous crypto companies restricting customer withdrawals this year. Firms including crypto exchange FTX, Celsius Network, Voyager Digital, Three Arrows Capital and Compute North have filed for bankruptcy.
“If that’s not enough [$1 billlion] we can allocate more,” Binance CEO Changpeng Zhao said in an interview with Bloomberg. According to the press release, Binance plans to increase the fund to $2 billion in the future.
Zhao also said the exchange's U.S. arm will be bidding on Voyager Digital after the lender's deal to be bought by FTX fell through.
UPDATE (Nov. 24, 2022, 16:39 UTC): Adds company descriptions, industry background, quote from Binance CEO Zhao.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Cascade Unveils 24/7 Neo-Brokerage Offering Perpetuals on Cryptos, U.S. Stocks
The platform will let retail traders use one margin account to trade round-the-clock perpetual markets.
What to know:
- Cascade has introduced a 24/7 brokerage-style app for perpetual markets spanning crypto, U.S. equities and private-asset exposure.
- The firm is pitching a single, unified margin account with direct-to-bank U.S. dollar capability for deposits and withdrawals.
- The company has raised $15 million from investors including Polychain Capital, Variant and Coinbase Ventures.
Top Stories
