Binance With the collapse of FTX, the biggest rival of the stock market, in November, there were some important developments in the crypto money market. The most notable of these was the exchange’s launch of a service called “Industry Recovery Initiative”.
Attempt, FTX It aimed to provide assistance to projects affected by the collapse of the country and entering a liquidity crisis. The fund currently holds $1 billion worth of Binance USD Coins (BUSD). But the CEO Changpeng Zhaothat funds will be converted to Bitcoin, Ethereum and Binance Coin announced.
The address: https://t.co/uSy1DlZCyG
— CZ 🔶 Binance (@cz_binance) March 13, 2023
NEWS CONTINUES BELOW
Koinfinans.com As we have reported, this move is hardly a surprise given the US government’s recent investigation into BUSD. Binance’s BUSD With the intention to limit its use, the focus has undoubtedly shifted to assets such as BTC, ETH, BNB.
The CEO also attributed this move to the changes in stablecoins and banks.
Given stablecoins and changes in banks, Binance will convert the remainder of its $1 billion Industry Recovery Initiative funds from BUSD to other crypto assets including BTC, BNB and ETH. Some fund movements will occur on-chain. Transparency.
Cryptocurrency Market Is Quite Active
bitcoin last week, it fell below $20,000 for the first time since mid-January. However, he soon managed to recover and noted some relief. At the time of writing, Bitcoin was trading at $22,422, up 8.48% daily.
Many members of the community commented and appreciated this move as important for ‘ascension’.
$1B buying pressure on $BTC, $ETH and $BNB https://t.co/WOm2AOcOVR
— Ki Young Ju (@ki_young_ju) March 13, 2023
You can follow the current price action here.