Miguel Cordon · · 1 min readBinance moves $1b from FTX recovery fund amid SVB collapse
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Binance is converting the last US$1 billion in its recovery initiative funds from Binance USD, its stablecoin offering, to tokens like Bitcoin, Ether, and Binance Coin.
In a tweet, Binance co-founder and CEO Changpeng Zhao said the move comes amid “the changes in stablecoins and banks.” He also shared the wallet where the US$1 billion in BUSD comes from and specific transaction details.
The transfer took 15 seconds and cost US$1.29. “Imagine moving $980 million through a bank before banking hours on a Monday,” Zhao quipped.
The development comes after the collapse of New York-based Signature Bank, a failed crypto-friendly bank, which followed the closure of another crypto favorite, Silvergate Bank. The first one to fall was Silicon Valley Bank.
As of this writing, Bitcoin was up 7.45% in the last 24 hours, while Ether saw a 7.57% jump within the same period.
Binance set up the Industry Recovery Initiative in November 2022 after the crash of crypto exchange FTX. At the time, Zhao said the effort was aimed at reducing “further cascading negative effects of FTX.”
Editing by Eileen C. Ang
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