Binance Will Convert $1 Billion Into BTC, BNB, ETH, and Bitcoin Price Soars to $22.6K
March 13, 2023
CZ stated that in response to the ongoing crisis involving banks and stablecoins, Binance will convert the remaining $1 billion from the Industry Recovery Initiative into BTC, BNB, and ETH.
After the closure of Silicon valley bank, the government quickly devised a rescue plan in the face of pressure from the Federal Reserve, the Treasury, and the FDIC, but also closed down Signature Bank, the last of the three US financial institutions that dealt with cryptocurrencies.
In the midst of all of the aforementioned, Changpeng Zhao, CEO of Binance, announced on Twitter that the company intends to convert the remaining $1 billion in Industry Recovery Initiative funds from BUSD to native cryptocurrency.
The remaining funds from the $1 billion Industry Recovery Initiative will be converted by Binance from BUSD to native cryptocurrencies like BTC, BNB, and ETH due to the changes in stable coins and banks. A portion of the funds will be moved on-chain. Transparency.
- The cryptocurrency market soared, adding to the gains it had already recorded hours prior to the announcement, which was perhaps somewhat predictable.
- Bitcoin’s price is currently up 6% on the day and reached an intraday high of $22,600 (on Binance).
- BNB surged by about 10% while Ethereum gained about 8% today.
- CZ first disclosed the Industry Recovery Initiative in November 2022.
Binance is creating an industry recovery fund to assist projects that are otherwise strong but are experiencing a liquidity crisis in order to lessen the cascading negative effects of FTX.