The bankruptcy of Silicon Valley Bank, which affected the crypto money markets last Friday, and the depeg in USDC, one of the largest stablecoins, shook the trust of investors in banks and stablecoins. The CEO of Binance, the world’s largest cryptocurrency exchange, announced that he made a move after these events in CZ.
Sharing on his Twitter account, CZ said that he will convert the remaining BUSD funds in the Industry Recovery Initiative to Bitcoin (BTC), BNB and Ethereum (ETH).
“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. “
Binance had set up this $1 billion fund to be used in case crypto projects faced a liquidity crisis after FTX’s bankruptcy.
Cryptocurrency platform Lookonchain also stated that 985,088,975 BUSD in Binance Recovery Fund was transferred to Binance.
“All 1B $BUSD industry recovery initiative funds has been transferred to #Binance. Will be used to buy $BTC, $BNB and $ETH.”