affecting the cryptocurrency markets last Friday Silicon Valley Bankbankruptcy and the consequent stablecoinone of the USDCThe depeg experienced in Turkey shook the confidence of investors in banks and stablecoins.
The world’s largest cryptocurrency exchange Binance CEO CZ’announced that he made a move after these events.
Sharing on his Twitter account, CZ remained in the Industry Recovery Initiative. BUSD their funds To Bitcoin (BTC), BNB and Ethereum (ETH) He said he would translate.
“Given the changes in stablecoins and banks, Binance will convert the remaining $1 billion Industry Recovery Initiative fund from BUSD into native crypto, including BTC, BNB, and ETH.
There will be some fund movements on the chain.”
Given the changes in stable coins and banks, #Binance will convert the remaining of the $1 billion Industry Recovery Initiative funds from BUSD to native crypto, including #BTC, #BNB and ETH. Some fund movements will occur on-chain. transparency.
— CZ 🔶 Binance (@cz_binance) March 13, 2023
Binance raised this $1 billion fund in question. FTXIt was set up to be used in case crypto projects faced a liquidity crisis after the bankruptcy of .
Cryptocurrency platform lookonchain He also stated that 985,088,975 BUSD in Binance Recovery Fund was transferred to Binance.
“BUSD in the $1 billion fund that Binance started after the FTX bankruptcy was transferred to Binance 10 minutes ago.
It will be used to buy Bitcoin, Ethereum and BNB.”
All 1B $BUSD industry recovery initiative funds has been transferred to #Binance ~10 mins ago.
Will be used to buy $BTC, $BNB and $ETH.https://t.co/FevZqig5Nk pic.twitter.com/UPmej5adMW
— Lookonchain (@lookonchain) March 13, 2023
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