As the bitcoin price slumps, Binance said it will convert the $1 billion stablecoin-backed Secure Asset Fund for Users entirely into bitcoin over the next 30 days.
Binance will move its entire $1 billion user protection fund into Bitcoin over the next 30 days. The exchange said it will ...
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Bitcoin crashing prompts Binance to add 1,300 BTC to its $1 billion safety fund
This is the first time in two years that Binance has bought Bitcoin for its SAFU fund.
Binance will convert its $1 billion SAFU user protection fund from stablecoins into Bitcoin, increasing BTC exposure for an emergency backstop designed for extreme events.
Binance plans to convert the SAFU fund’s $1 billion stablecoin reserves into Bitcoin and complete the shift within 30 days.
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