Last Updated on March 13, 2023 by Bitfinsider
Binance CEO Changpeng Zhao stated on Twitter that the leading crypto exchange would transform the leftover $1 billion from its Industry Recovery Initiative funds to native crypto assets — specifically, bitcoin, ether, and BNB.
The coins will be bought with BUSD, the exchange’s dollar-pegged stablecoin.
The $1 billion in conversions to native crypto assets come amid a banking catastrophe that captivated the focus of the United States over the weekend.
The New York Department of Financial Services confiscated Signature Bank, generally regarded as the country’s last crypto-friendly bank, last night, claiming systemic risks, essentially cutting the crypto industry off from banks in the country.
The move corresponds with the Federal Reserve’s establishment of a Bank Term Funding Program, which will give money to Silicon Valley Bank and ensure assets exceeding $250,000 are available due to concerns about a wider economic effect. The failure of Silicon Valley Bank is the country’s second-largest in history.
“Took 15 seconds and costs $1.29,” CZ tweeted, referencing a $980 million money transfer. “Imagine transferring $980 million through a bank on a Monday before business hours.”
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