{"id":380016,"date":"2023-03-13T18:01:29","date_gmt":"2023-03-13T18:01:29","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=380016"},"modified":"2023-03-13T18:01:29","modified_gmt":"2023-03-13T18:01:29","slug":"binance-transfers-recovery-fund-busd-stablecoin-to-bitcoin-ethereum-and-bnb","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/binance-transfers-recovery-fund-busd-stablecoin-to-bitcoin-ethereum-and-bnb","title":{"rendered":"Binance Transfers ‘Recovery Fund’ BUSD Stablecoin to Bitcoin, Ethereum, and BNB"},"content":{"rendered":"
In response to the most recent turmoil surrounding the USDC stablecoin, Binance, the largest cryptocurrency exchange in the world by trading volume, converted the remaining money from its $1 billion Industry Recovery Plan into Bitcoin (BTC), Ethereum (ETH), and other virtual currencies.<\/p>\n
Early on Monday, Binance<\/a> CEO Chanpeng Zhao tweeted,<\/p>\n With the changes in stablecoins and banks, Binance will convert the remaining 1 billion Industry Recovery Initiative funds from BUSD to native crypto, including BTC, BNB, and ETH.<\/p><\/blockquote>\n Following the failure of the FTX exchange in November 2022, Binance established its “Recovery Fund” for the cryptocurrency sector. The initiative’s goal was to “assist projects that are good overall but experiencing a cash difficulty.”<\/p>\n Given the changes in stable coins and banks, #Binance<\/a> will convert the remaining of the $1 billion Industry Recovery Initiative funds from BUSD to native crypto, including #BTC<\/a>, #BNB<\/a> and ETH. Some fund movements will occur on-chain. Transparency.<\/p>\n — CZ \ud83d\udd36 BNB (@cz_binance) March 13, 2023<\/a><\/p><\/blockquote>\n\n