Binance CEO Changpeng Zhao announced on Twitter that exchange would convert approximately $1 billion of BUSD to bitcoin, ether and BNB.
Highlights
- Binance CEO Changpeng Zhao announced on Twitter that exchange would convert $1 billion remaining from Industry Recovery Initiative funds to native crypto assets.
- The cryptocurrencies will be purchased using the exchange’s dollar-pegged stablecoin, BUSD.
- The move coincides with the Federal Reserve’s creation of a Bank Term Funding Program, which will lend money to Silicon Valley Bank and ensure deposits beyond $250,000 are accessible.
- The Federal Reserve created the program on Friday night, effectively cutting the crypto industry off from banks in the U.S.
- It is the second-largest bank collapse in the country’s history, the second largest in the history of the banking crisis.
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