Binance to convert Binance Recovery Fund, BUSD to BTC, ETH and BNB

The crypto industry sees new changes happening every day. Let us take FTX for example. The company which was one the second largest exchange collapsed within a few days and dropped down to bankruptcy. Very recently, we saw the Silicon Valley Bank also meet a similar fate. Silicon Valley Bank became the world’s biggest bank to fail ever since the 2008 recession.

The downfall of SVB led to a major impact on the industry as well as stablecoins. Prices of USDC dropped, and fear plagued the market that the coin could go to zero. If this happened, things would look very bad for the entire industry and its stability.

However, to bring some light of hope in the bleak time, CZ, the CEO of Binance, took to Twitter to make an announcement.

He informed us that his exchange Binance will take the charge of converting the left out Industry Recovery Initiative funds. The conversion will be done from BUSD to native coins like BNB, BTC and ETH. These Industry Recovery Initiative funds are worth around 1 billion dollars. The address given by him can be viewed with this link:

BitLab Academy, which is trying to make crypto users more aware and dedicated, also tweeted their opinion on how it was the last banking crisis, which took place in 2008, that gave birth to Bitcoin. They said that now that another banking crisis has hit the market, BTC could be the answer for worried users looking for a “durable asset in place as an alternative (hedge) to the traditional banking system.

Also Read

CZ also added that “Some fund movements will occur on-chain”, in order to give users more details of the transactions.

There is a lot of Fear, uncertainty and doubt running in the industry, which in addition to the misinformation and bear trends has become a point of frustration for crypto users. However, steps like this highlight the entire essence of what crypto was meant to be and help towards bettering the industry. This move by Binance has ensured that a high level of transparency is maintained for the users and a standard has now been set for the entire world.

Related posts

MicroStrategy Continues Bitcoin Buying Spree, Acquiring $147 Million Worth

MicroStrategy, led by CEO Michael Saylor, has once again displayed its unwavering commitment to…
Read more

Brine Finance raises $16.5 million from Pantera Capital and more

Brine Finance is changing the game in cryptocurrency trading. This decentralized exchange (DEX) has…
Read more

Growing European Tech Companies to Observe

Europe’s rise in the technological sector can be attributed to a combination of elements that…
Read more
Become a Trendsetter

Sign up for TheTechly’s Daily Digest and get the latest and trending technology updates.

[mc4wp_form id="729"]