After so many recent crashes, Binance has just announced another notable move, this time with the BUSD 1 billion Recovery Initiative relief fund.
On his personal Twitter page, CEO Changpeng Zhao shared about the new step of the relief fund that Binance is implementing.
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
“With many changes related to stablecoins and banking operations, Binance will convert the remainder of the $1 billion in Recovery Initiative relief funds from BUSD to popular cryptocurrencies like BTC, BNB, and ETH. Some fund movements will be transparent on-chain.”
The Recovery Initiative relief fund was established by Binance at the end of November 2022, to support projects that suffered from the liquidity crisis caused by FTX-Alameda.
>> See more: Binance Relief Fund Will Be Worth $1 Billion
This is the latest move from Binance, after a series of notable moves at the time of USDC depeg (March 11).
- Binance stops bridging USDC to BUSD self-converting transactions.
- Support trading pairs with many new stablecoins TUSD, USDP, USDC, etc.
- Support USDC trading pairs with ETH, BTC, BNB.
- Binance Futures supports Perpetual contracts for USDC with up to x30 leverage.
At press time, BNB is up 8% in a 24-hour range and is currently hovering in the $300 price zone.
Binance immediately transferred 985 million BUSD from the relief fund to the exchange wallet.
985,088,975 #BUSD ($981,641,163) transferred from Binance Recovery Fund to #Binancehttps://t.co/wqo5dSERfJ
— Whale Alert (@whale_alert) March 13, 2023