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Binance Will Convert $1B Worth of BUSD Stablecoin to Bitcoin, Ether, BNB and Other Tokens
Binance tapped into its Industry Recovery Initiative funds to cover the move.
Updated Mar 13, 2023, 5:16 p.m. Published Mar 13, 2023, 7:43 a.m.
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Crypto exchange Binance said it will convert $1 billion worth of Binance USD (BUSD) to bitcoin , ether , BNB coin and other tokens to support the market.
The transaction from Binance’s industry fund to BUSD took 5 seconds and cost merely $1.29, Binance CEO Changpeng Zhao said in a tweet on Monday.
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The move likely contributed to buying pressure. Bitcoin jumped over $22,500 in Asian hours on Monday while ether regained the $1,600 market. BNB rose over 10% to trade over $300, setting two-week highs, per CoinGecko data.
The transfer txid. Took 15 seconds and costs $1.29. Imagine moving $980 million through a bank before banking hours on a Monday. https://t.co/ViCppASVFK
— CZ 🔶 Binance (@cz_binance) March 13, 2023
The move came as the crypto market suffered another blow in early Asian hours as U.S. regulators shut down the crypto-friendly Signature Bank, adding further stress to the market.
Early last week regulators shut down Silvergate Bank, followed by the collapse of Silicon Valley Bank on Friday night – causing markets to go haywire over the weekend as investors rushed to protect their capital.
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