Crypto exchange Binance promised to invest a staggering $1 billion, denominated in its branded stablecoin BUSD, into promising crypto startups through its Industry Recovery Initiative (IRI), following the collapse of crypto exchange FTX. As it stands now, IRI has only funded $30 million in projects, according to a Bloomberg report. Other well-known companies had joined the effort with around $70 million in funds, including market maker Jump Crypto and Animoca Brands, which built a portfolio focused on areas such as blockchain gaming. The Industry Recovery Initiative wasn’t structured like a fu…