Binance Will convert $1 Billion BUSD to Native cryptos including Bitcoin and Ethereum
Crypto exchange Binance said it will convert $1 billion worth of Binance USD (BUSD) to bitcoin (BTC), ether (ETH), BNB coin (BNB) and other tokens to support the market.
What Binance will convert
In a tweet dated March 13, 2023, CZ of Binance (@cz_binance) gave the context. Given the changes in stable coins and banks, Binance will convert the remaining funds of its $1 billion Industry Recovery Initiative from BUSD to native crypto. The tweet names #BTC, #BNB and ETH. He added that some fund movements will occur on-chain. Then he closed with one word: transparency.
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
Key takeaways
- Binance will convert the remaining $1 billion Industry Recovery Initiative funds from BUSD to native crypto.
- The native crypto includes BTC, BNB and ETH.
- Binance said the conversion is meant to support the market.
- Some fund movements will occur on-chain, and the tweet ends with the word transparency.
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For background, learn more about Binance USD on Wikipedia.
