Binance Announces $1B Industry Recovery Initiative, Crypto Market Soars

The past week has been a wild ride in the cryptocurrency market, with Silicon Valley Bank forced to shut down due to a bank run and Signature Bank following suit. In response to the changes in the banking industry, Binance CEO Changpeng Zhao announced that the company plans to convert the remaining of the $1 billion Industry Recovery Initiative funds from BUSD to native crypto, including Bitcoin, Binance Coin, and Ethereum. This news caused the cryptocurrency market to soar, with Bitcoin hitting an intraday high of $22,600, Ethereum up 8%, and Binance Coin up 10%. The Industry Recovery Initiative was announced by CZ back in November 2022 to help projects in a liquidity crisis, and is a sign that Binance is committed to reducing further negative effects of FTX.