Binancecreated to rally the crypto market one billiondollar BUSDu, bitcoin, EthereumAnd BNBwill convert to .
After Silicon Valley Bank, which was recorded as the second largest bankruptcy after 2008, it was observed that the crypto money market collapsed. After this event, which also directly affected USDC, various moves started to come from the major actors of the industry.
One of these moves came from the popular crypto exchange Binance. Binance CEO‘su CZ, the one billion BUSD they had previously created “Industry Recovery Initiative”fund to be a lifeline to the market bitcoin, EthereumAnd BNBannounced that it will convert to .
Binance Tries To Keep The Crypto Market Afloat
Binance CEO‘su Changpeng Zhao ( CZ), created by Binance in the past one billion BUSDrecovery fund, bitcoin, EthereumAnd BNBannounced that it will convert to .
made a statement on Twitter CZhighlighted the changes and mobility in stablecoins and banks. CZ, to address these complex market conditions, BUSDHe stated that they will convert the fund into local cryptocurrencies.
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
Sharing the wallet address of a billion-dollar fund CZ gave the message that they will act within the principle of transparency. In addition, CZ shared the transfer transaction, making it a billion dollar transaction. He noted that it took 15 seconds . Binance CEO did not neglect to refer to banks with this sharing.
CZThis move of ‘s greened the crypto money market and instilled hope.
