Binance converts its $1 billion safety net into 15,000 BTC
The crypto exchange finalized a 30-day plan to convert its stablecoin-backed user protection fund into 15,000 BTC, reinforcing bitcoin as its long-term reserve asset.
📉Binance purchased a final 4,545 bitcoin, bringing SAFU holdings to 15,000 BTC worth about $1 billion at completion.
📝The move comes after a January 30 announcement that the exchange would convert $1 billion worth of stablecoins into bitcoin.
📝SAFU, created to protect users from hacks and unforeseen losses, is now fully backed by bitcoin, with a pledge to replenish funds if value falls below $800 million.
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