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Binance announced Industry Recovery Initiative

GB Market Commentary 25/11/2022

by Marcus Sotiriou

There is renewed optimism in the crypto market as Binance announced the launch of the Industry Recovery Initiative (IRI) yesterday. This will aim to help cryptocurrency projects that are experiencing a liquidity squeeze after FTX’s collapse. Binance committed $1 billion to the fund, but announced today that they have added another $1 billion, making it $2 billion in total.

Other crypto companies have supported the IRI by contributing $50 million each, including Jump Crypto, Aptos Labs, Polygon Ventures, Animoca Brands, GSR, Kronos and Brooker Group. This is bullish news for the industry, as high-quality projects that have a lack of liquidity can continue to operate, whilst potentially resulting in customer funds being saved.

Meanwhile, tech giants continue to integrate metaverse infrastructure into their operations, as Sony just announced they have acquired Beyond Sports, a sports metaverse company, for $70 million.

Beyond Sports is a 3D imaging and animation company that transforms real information from a sports match into a metaverse representation. Sony will now be able to offer a complete metaverse experience for sports matches, by collaborating with other companies that it has already bought.

Another company that Sony has bought, Hawk-Eye Innovations, will allow the company to produce, basketball, baseball, tennis, and football related content.

The combination of these two companies could provide the infrastructure for Sony to create a virtual representation of a court that is accurate and aligns with realistic ball and player movement.

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