Top cryptocurrency exchange Binance, in a recent announcement, unveiled the Merkle tree Proof of Reserves (PoR) system.

Binance has released its proof-of-reserves system, starting with bitcoin, in order to show that the exchange is healthy and solvent.

The major cryptocurrency exchange, Binance, recently announced a collaboration with Web3 leaders. The integration will place them at the helm of Web3 IRI (Industry Recovery Initiative).

Blockchain operator Tron DAO and Justin Sun, its billionaire founder, have applied to contribute capital to Binance’s industry recovery fund.

Crypto exchange Binance has allocated another $1 billion for its industry recovery fund, effectively increasing the size of the fund to over $2 billion.

The remainder is made up of Binance’s dollar-pegged stablecoin BUSD ($300 million) and Bitcoin ($270 million).

Binance has already received around 150 applications from companies seeking support under the IRI.

Binance announced new details about its industry recovery fund. CEO Changpeng Zhao shared the&nbsp;<a href="https://etherscan.io/address/0x043a80999cee3711d372fb878768909fbe7f71e6" target="_blank">public wallet address</a>&nbsp;showing its initial commitment and said: “We do this transparently.” Public blockchain data reviewed by CNBC showed a balance of around $1 billion in Binance’s own BUSD stablecoin.&nbsp;&nbsp;

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&nbsp;billion.

Binance intends to allocate $1 billion for a proposed industry recovery fund while its CEO revealed intent in a new bid for assets of bankrupt cryptocurrency lending firm Voyager by its U.S.-based business.